Novo-backed surgical robot maker Procept will fund recruitment and product development initiatives with the proceeds of an IPO for which it has just set terms.

Procept BioRobotics, a US-based surgical robotic technology developer backed by pharmaceutical firm Novo, set the range yesterday for an initial public offering that would raise $132m at its top end.

The company plans to issue 5.5 million shares on the Nasdaq Global Market priced between $22 and $24 each. The initial price range would implies a market capitalisation of between $907m and $989m.

Founded in 2009, Procept is building a specialised type of automated surgical robot used in a treatment…