This week, Tornier BV unveiled estimated terms for its planned initial public offering. The company is selling 8.75 million ordinary shares with an estimated price of between $19 and $21 per share.
The global medical device company focuses on surgeons who treat musculoskeletal injuries and disorders of the shoulder, elbow, wrist, hand, ankle and foot. It sells more than 70 product lines in approximately 35 countries.
In 2006, the company was acquired by a group led by Warburg Pincus (Bermuda) Private Equity IX, L.P., and medical device investors, including The Vertical Group, Split Rock Partners and Douglas Kohrs. As a result, Tornier believes its addressable worldwide market opportunity has increased from approximately $2 billion in 2006 to roughly $7 billion in 2009, according to its SEC filing. However, it has also experienced operating losses since the acquisition and had an accumulated deficit of $175.4 million.
Tornier has applied for listing on the Nasdaq Global Market under the symbol TRNX.
ALSO: Kips Bay Medical, which is developing vein support technology to be used in coronary artery bypass grafting (CABG) surgery, announced terms for its IPO on Tuesday. The Minneapolis, MN-based company plans to raise $25 million by offering 2.75 million shares at a price range of $8-$10. Story