MENLO PARK, Calif.—Sight Sciences Inc., a growth-stage medical device company working to develop and commercialize devices that target the underlying causes of some prevalent eye diseases, priced its initial public offering of 10 million shares of common stock at a price of $24 per share. All shares are being offered by Sight Sciences for total gross proceeds of $240 million, before deducting underwriting discounts and commissions and offering expenses, according to an announcement from the company.

In addition, Sight Sciences has granted underwriters an option to purchase up to 1.5 million additional shares at the initial public offering price. Sight Sciences’ common stock began trading on the Nasdaq Global Market on July 15 under the ticker symbol “SGHT.” The offering is expected to close Monday, July 19, subject to customary closing conditions.
Financial news site Barron’s reported that a day before the scheduled listing, Sight Sciences increased the size of the initial public offering by 43 percent and increased the price range for the deal. On July 8, the company had filed to offer 6.98 million shares at a price range of $20 to $23. At $23 a share, Sight’s valuation could surpass $1 billion, Barron’s reported.
Sight Sciences, which was founded in 2011, is working to transform two of the fastest-growing segments in ophthalmology and optometry, glaucoma and dry eye disease. The company’s product portfolio features the OMNI Surgical System, a dually-indicated device that facilitates the performance of both trabeculotomy and viscoelastic delivery.
The company’s non-surgical product portfolio consists of TearCare, which is now commercially available for both ophthalmologists and optometrists. The TearCare System utilizes smart technology to deliver consistent heat (between 41° and 45°C for up to 15 minutes) to the eyelids where the current medical community recommends the application of a warm compress.
Morgan Stanley and BofA Securities are acting as joint lead book-running managers for the offering. Citigroup and Piper Sandler are also acting as book-running managers for the offering.