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Globus Medical sets terms for $200 million US IPO

By: Renaissance Capital
Posted: 7/16/2012 6:25:00 PM
Referenced Stocks: GMED

Globus Medical, which designs products to improve spinal surgery outcomes, announced terms for its IPO on Monday. The Audubon, PA-based company plans to raise $200 million by offering 11.8 million shares (75% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, Globus Medical would command a market value of $1.6 billion.

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.