Globus Medical halves proposed IPO deal size
Globus Medical, which sells spine implants to hospitals for use in surgical procedures, lowered the proposed deal size for its upcoming IPO on Thursday. The Audubon, PA-based company now plans to raise $104 million by offering 8.3 million shares (75% insider) at a price range of $12.00 to $13.00. The company had previously filed to offer 11.8 million shares at a range of $16.00 to $18.00. At the midpoint of the revised range, Globus Medical will raise -48% fewer proceeds than previously anticipated. Globus Medical, which was founded in 2003 and booked $348 million in sales for the 12 months ended 3/31/2012, plans to list on the NYSE under the symbol GMED. BofA Merrill Lynch, Goldman Sachs and Piper Jaffray are the joint bookrunners on the deal.