The market for initial public offerings was getting to be a bit ridiculous. Now that volatility has returned in the broader stock market, a reality check is starting to be seen as more IPOs have flopped or been received with a cool reception.

Wednesday’s SEC filings show another lower reception to a future IPO. Lombard Medical Inc. has an amended SEC filing showing that the company will sell 5 million shares at roughly $11 per share. Its previous sales range was calling for 3.636 million shares, but with a much higher price range of $15 to $18 per share.

Some investors may argue that a higher share count is a good thing, but a lower price brings about a lower total market valuation, as long as the outstanding shares remain the same.

Earlier in 2014, the IPO market was flooded full of emerging pharma and biotech outfits that no one had ever heard of. Many of those IPOs saw their shares fly through the roof around their launch.

Lombard’s ordinary shares have been approved for listing on the Nasdaq Global Market under the symbol EVAR. Investors should keep in mind that this stock has traded under the AIM, a market operated by the London Stock Exchange.

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Underwriters for the offering are listed as Jefferies, Barclays and BTIG.

Lombard is a medical technology company specializing in developing, manufacturing and marketing endovascular stent-grafts that address significant unmet needs in the repair of aortic aneurysms. Its lead product is called Aorfix, and it is the only abdominal aortic aneurysm (AAA) stent-graft approved by the FDA for the treatment of AAAs with angulation at the neck of the aneurysm of up to 90 degrees.

The SEC filing said:

According to data produced by Medtech Ventures, the worldwide EVAR market was estimated to be approximately $1.4 billion in 2013, with the U.S. market estimated at approximately $680 million according to iData Research, Inc. According to Medtech Ventures, it is estimated that more than 500,000 AAA patients are diagnosed annually in the developed world, with 200,000 of such patients receiving treatment.

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