OrthoPediatrics prices $52m IPO

OrthoPediatrics today priced its initial public offering at $13 per share, meaning the 4-million-share flotation pulled in $52 million for its line of surgical systems for children. The offering includes a 30-day underwriters over-allotment of 600,000 extra shares, which if fully exercised would push the IPO’s total raise to $59.8 million. Warsaw, Ind.-based OrthoPediatrics produces 21 surgical systems designed to support orthopedic trauma cases and said it has plans to expand its offerings into additional categories, including foot & ankle, hand & wrist, clavicle, pelvis and sports-related injuries. Shares trading on the NASDAQ exchange under the “KIDS” symbol were up 45.6% to $18.91 in mid-day trading today. The proceeds are earmarked for dealing out unpaid dividends the company’s Series B preferred stock, investing in implants and instrument sets for customer consignment and for R&D, sales expansion and general corporate purposes, the company said. Piper Jaffray and Stifel, Nicolaus are acting as joint book-runners for the offering, which is set to close Oct. 16. The company originally registered for an initial public offering worth $75 million in June, but modified the range to between $12 and $14 per share earlier this month. The post OrthoPediatrics prices $52m IPO appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Funding Roundup Initial Public Offering (IPO) Orthopedics Pediatrics Wall Street Beat OrthoPediatrics Corp. Source Type: news