Heartflow, Inc. Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Heartflow (NASDAQ: HTFL), an AI technology company focused on coronary artery disease (CAD), has announced the pricing of its upsized IPO. The company is offering 16,666,667 shares at $19.00 per share, expecting to raise approximately $316.7 million in gross proceeds.

Trading will commence on August 8, 2025, on the Nasdaq Global Select Market. The underwriters have a 30-day option to purchase up to 2.5 million additional shares. The IPO is expected to close on August 11, 2025, with J.P. Morgan, Morgan Stanley, and Piper Sandler serving as joint book-running managers.

Positive

• None.

Negative

• 100% of shares offered are primary shares, indicating potential dilution for existing shareholders
• Additional dilution possible through 2.5M share underwriter option

Insights

Healthcare Investment Analyst

Heartflow's upsized $316.7M IPO demonstrates strong investor appetite for AI-powered cardiac diagnostic technologies.

Heartflow's successful IPO represents a significant milestone for AI-based cardiovascular diagnostics. The company priced its offering at $19.00 per share, raising approximately $316.7 million in gross proceeds through the issuance of 16,666,667 shares. The upsized offering (with an additional 2.5 million share option for underwriters) signals robust investor demand.

The strong institutional backing is evident from the caliber of underwriters, with J.P. Morgan, Morgan Stanley, and Piper Sandler serving as joint book-running managers. This level of support typically indicates confidence in the company's business model and growth prospects.

Heartflow specializes in AI technology for coronary artery disease (CAD), positioning it at the intersection of two high-growth sectors: artificial intelligence and cardiovascular care. CAD remains one of the leading causes of mortality worldwide, creating substantial market opportunity. The company's AI solutions likely aim to improve diagnostic accuracy, reduce unnecessary invasive procedures, and potentially lower healthcare costs associated with CAD management.

The $316.7 million capital infusion should provide Heartflow with significant resources to scale operations, enhance its AI capabilities, and potentially expand market reach. For the broader healthcare AI sector, this successful offering may catalyze further investment and validate the commercial viability of AI-driven diagnostic platforms.

MOUNTAIN VIEW, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), a leader in AI technology for coronary artery disease (CAD), today announced the pricing of its upsized initial public offering of 16,666,667 shares of its common stock at a public offering price of $19.00 per share. All of the shares of common stock are being offered by Heartflow. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Heartflow, are expected to be approximately $316.7 million. In addition, Heartflow has granted the underwriters a 30-day option to purchase up to an additional 2,500,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Select Market on August 8, 2025 under the ticker symbol "HTFL.” The closing of the offering is expected to occur on August 11, 2025, subject to the satisfaction of customary closing conditions.

J.P. Morgan, Morgan Stanley and Piper Sandler are acting as joint book-running managers for the offering. Stifel and Canaccord Genuity are acting as co-managers for the offering.

A 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. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, may be obtained from J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or by email at prospectus@morganstanley.com; or Piper Sandler & Co., 350 North 5th Street, Suite 1300, Minneapolis, MN 55402, Attention: Prospectus Department, by telephone at 800-747-3924 or by email at prospectus@psc.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Heartflow, Inc.
Heartflow is advancing coronary care by transforming coronary artery disease into a screenable, diagnosable, and manageable condition. Heartflow One is the only complete, non-invasive, precision coronary care platform providing patient insights throughout the guideline-directed CCTA pathway. The AI-driven platform — including Roadmap™ Analysis, FFR_CT Analysis and Plaque Analysis — is supported by the ACC/AHA Chest Pain Guideline and backed by more than 600 peer-reviewed publications. Heartflow has helped clinicians manage over 400,000 patients worldwide.

Media Contact
Elliot Levy
elevy@heartflow.com

Investor Contact
Nick Laudico
nlaudico@heartflow.com

FAQ

What is the IPO price for Heartflow (HTFL) stock?

Heartflow priced its IPO at $19.00 per share, offering 16,666,667 shares to raise approximately $316.7 million in gross proceeds.

When will Heartflow (HTFL) start trading on Nasdaq?

Heartflow shares are expected to begin trading on the Nasdaq Global Select Market on August 8, 2025 under the ticker symbol 'HTFL'.

How much money is Heartflow (HTFL) raising in its IPO?

Heartflow expects to raise approximately $316.7 million in gross proceeds before deducting underwriting discounts and commissions and other offering expenses.

Who are the underwriters for Heartflow's IPO?

J.P. Morgan, Morgan Stanley, and Piper Sandler are acting as joint book-running managers, while Stifel and Canaccord Genuity are serving as co-managers for the offering.

What does Heartflow company do?

Heartflow is a leader in AI technology for coronary artery disease (CAD), focusing on healthcare technology solutions.