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GI Dynamics and Exa File for IPOs in Weight Loss Devices, Automotive Software

Xconomy Boston — 

The IPO market seems to be heating up around the country, but will Boston get left behind? A couple of local companies are trying to do their part, joining the likes of Kayak, Carbonite, and others that have filed papers to go public.

The latest ones are GI Dynamics, a medical device maker targeting obesity and diabetes, and Exa, which makes simulation software to help auto makers test aerodynamics and other features of their vehicles.

—Lexington, MA-based GI Dynamics has filed paperwork in Australia for an initial public offering of between $80 million and $95 million in Australian dollars—roughly $85 million to $102 million in U.S. dollars. Shares won’t be issued until August 11 at the earliest. Starting in 2008, Xconomy profiled GI Dynamics’ efforts to test and gain regulatory approval for its experimental intestinal liner that limits absorption of calories and nutrients in the patient’s gut, as well as subsequent developments. The company’s investors include Advanced Technology Ventures, Cutlass Capital, Domain Associates, Johnson & Johnson Development, Polaris Venture Partners, and Seedling Enterprises.

—Burlington, MA-based Exa filed a form S-1 with the SEC stating that it plans to raise up to $86.25 million in its IPO. Exa makes software for modeling complex fluid flow, which can be applied to problems of aerodynamics, wind noise, and heat management in cars and trucks. The company says it’s profitable and its annual revenues have increased for 17 consecutive years since its first commercial revenue in 1994. Its investors include Fidelity Ventures and Boston Capital Ventures.

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