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Globus Medical halves proposed IPO deal size

By: Renaissance Capital
Posted: 8/2/2012 3:11:00 PM
Referenced Stocks: GMED

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.