Globus files for estimated $100M IPO

Audubon, PA-based Globus Medical made a splash Thursday by filing with the SEC to raise up to $100 million in an initial public offering. The company is applying to list its Class A common stock on the New York Stock Exchange under the symbol "GMED," according to an SEC filing.

The company, which has been around since 2003, has launched more than 100 products and realized 2011 sales of $331.5 million--up from $15.6 million in 2004. Also, it's planning its IPO at an opportune time, as the world spine market is valued at about $10 billion (and growing). Factors in its favor include an increasing number of people over the age of 65; a growing number of spinal fusion procedures; a larger number of doctors and patients willing to try surgical intervention on the spine at an earlier point; and the potential for more spinal surgeries in ex-U.S. markets.

BofA Merrill Lynch, Goldman Sachs, Piper Jaffray, Leerink Swann, Canaccord Genuity, William Blair & Company, and Oppenheimer & Co. were the underwriters for the IPO.

As 24/7 Wall Street notes, Globus may not be a household name, but it does catch one's eye in that it has rising revenues and profits.

Globus' filing comes after Osprey Medical tested the IPO waters in Australia. The Eden Prairie, MN-based company makes the CINCOR system, which helps lower the kidney damage risk posed by a toxic dye used in some forms of heart surgery. Osprey hopes to jump on the Australian Securities Exchange boards April 16, according to Proactive Investors Australia.

- see the SEC filing
- check out more from 24/7 Wall Street