OrthoPediatrics files to raise up to $56 million in an IPO
OrthoPediatrics filed Monday to sell 4 million shares of common stock to the public in an initial public offering to raise up to $56 million. The IPO is expected to price between $12 and $14 a share. If options granted to underwriters to buy additional shares are exercised, the company, which makes medical devices for use in the pediatric orthopedic market, could raise as much as $64.4 million. The company has applied to have its stock listed on the Nasdaq Global Market under the ticker symbol "KIDS." The company plans to use the proceeds from the IPO to pay accumulated an unpaid dividends on Series B preferred stock, to invest in implant and instrument sets, to fund research, to expand marketing programs and for general corporate purposes. The underwriters are Piper Jaffray, Stifel, Nicolaus, William Blair and BTIG. The company is looking to go public at a time when the SPDR Health Care Select Sector ETF (XLV) has gained 4.0% over the past three months while the S&P 500 has tacked on 4.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires