UPDATE 1-Reliant Tech sees IPO of 4.7 mln shares at $14-$16 each

Fri Oct 26, 2007 8:10am EDT

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Oct 26 (Reuters) - Reliant Technologies Inc on Friday registered its initial public offering of 4.7 million shares at an estimated price of $14 to $16 per share.

In an amended filing with the U.S Securities and Exchange Commission, the medical device company said Piper Jaffray, Banc of America Securities LLC, Jefferies & Co and RBC Capital Markets were underwriting the IPO.

The Mountain View, California-based company said the underwriters have been given the option to buy an additional 705,000 shares to cover over allotments.

The company expects net proceeds of about $62.1 million from the offering, which it plans to use for sales and marketing initiatives, research and development activities and working capital.

The maker of Fraxel laser systems used to treat various skin conditions posted 2006 net loss of $20.9 million, on total net revenue of $57.5 million compared with 2005 net loss of $18.2 million, on total net revenue of $33.8 million.

Assuming the mid point of the offering range, Reliant Technologies will have an initial market capitalization of $221.9 million.

The company said it applied for a Nasdaq listing under the symbol "RLNT." (Reporting by Savitha Kalyanaraman, Shivani Singh in Bangalore)

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