Globus Medical planned to raise about $200 million from its IPO, but now cut its offering down to 8.3 million shares at $12 apiece, the low end of its expected price range.
As Reuters reports, the maker of spine disorder-treating devices planned to offer 11.8 million shares at $16 to $18 each. After the scale-back, Globus is offering 2.1 million shares on its own, and selling stockholders will handle the remaining 6.2 million.
Despite the pricing reduction, Globus got at least one thing it wanted: a listing on the NYSE. As of today, the company will trade under $GMED. Globus plans to close the offering Aug. 8, and underwriters of the IPO include Bank of America Merrill Lynch, Goldman Sachs and Leerink Swann.
Founded in 2003, Globus has launched more than 100 products to treat spinal disorders, and, last year, brought in $331.5 million in sales. The company estimates the world spine market at about $10 billion and says an aging population and growing number of spinal procedures will only push that number north.
- read Globus' statement
- get more from Reuters