Back in March, spinal device company K2M Group Holdings, Inc., announced it was going public. Now the company, which focuses on resolving complex spine pathologies, has announced that it will be offering 8,825,000 shares of common stock at a price of $15.00 per share, which should nett out at over $120 million, some $20 million more than was being estimated six weeks ago.
Background
K2M Group Holdings, Inc. isa frequent visitor to our pages with a steady stream of innovations targeted at addressing some of the most difficult and challenging spinal pathologies and minimally invasive spine procedures. K2M’s technologies and techniques have enabled the company to favorably compete in the global spinal surgery market, but while sales have grown, so have losses at $57.4 million in the most recent year’s trading.
The IPO then will enable K2M to reduce or even completely pay down its debt while stepping up investment in its development and commercialisation activities.
The common stock is expected to begin trading on The NASDAQ Global Select Market on May 8, 2014 under the trading symbol “KTWO.”
The Company expects to receive net proceeds from the offering of approximately $120.0 million, after deducting underwriting discounts and estimated offering expenses.
Source: K2M Holdings, Inc., Globe Newswire
published: May 8, 2014 in: Company News, Spine