HeartFlow Announces Upsized IPO with Gross Proceeds of $316.7 Million

HeartFlow has announced the pricing of its upsized initial public offering, offering 16,666,667 shares of common stock at $19.00 per share. The gross proceeds from the offering are expected to be approximately $316.7 million, with the closing of the offering expected on August 11, 2025. All shares are being offered by HeartFlow.

HeartFlow, Inc. (Nasdaq: HTFL), a leader in AI technology for coronary artery disease (CAD), has announced the pricing of its upsized initial public offering (IPO). The company is offering 16,666,667 shares of its common stock at $19.00 per share. The gross proceeds from the offering are expected to be approximately $316.7 million [1]. The closing of the offering is expected on August 11, 2025, subject to customary closing conditions.

The IPO has been led by J.P. Morgan, Morgan Stanley, and Piper Sandler, with Stifel and Canaccord Genuity acting as co-managers [1]. The registration statement on Form S-1, including a prospectus, relating to these securities was declared effective by the U.S. Securities and Exchange Commission on August 7, 2025 [1].

HeartFlow's platform, Heartflow One, is a non-invasive, precision coronary care solution that provides patient insights throughout the guideline-directed CCTA pathway. The AI-driven platform includes Roadmap™ Analysis, FFRCT Analysis, and Plaque Analysis, supported by the ACC/AHA Chest Pain Guideline and backed by over 600 peer-reviewed publications. The company has helped clinicians manage over 400,000 patients worldwide [1].

The IPO follows a period of strong investor confidence in the tech sector, with recent debuts of companies like Figma setting the stage for further public market interest [2]. HeartFlow's growth story, driven by its AI technology and increasing use of its CAD detection platform, is expected to be well-received by investors [2].

HeartFlow's revenue grew 39% for the quarter ended March 31, 2025, compared to the same period in 2024. The platform was used in 132,000 patients in 2024 [3].

References:

[1] https://www.morningstar.com/news/globe-newswire/9508807/heartflow-inc-announces-pricing-of-upsized-initial-public-offering
[2] https://www.marketscreener.com/news/update-2-heartflow-raises-316-7-million-in-us-ipo-as-medtech-listings-attempt-comeback-ce7c5edcda8efe24
[3] https://www.reuters.com/business/healthcare-pharmaceuticals/heartflow-raises-3167-million-us-ipo-medtech-listings-attempt-comeback-2025-08-08/