Stent developer Lombard Medical sets terms for $60 million US IPO
Lombard Medical, which develops stent-grafts for endovascular
aorta repair, announced terms for its IPO on Monday. The
Oxfordshire, United Kingdom-based company plans to raise $60
million by offering 3.6 million shares at a price range of $15 to
$18. At the midpoint of the proposed range, Lombard Medical would
command a fully diluted market value of $252 million. The
company currently trades on the LSE AIM under the ticker LMT but
intends to delist in conjunction with its US offering.
Lombard Medical, which was founded in 2003 and booked $7 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol EVAR. Lombard Medical initially filed confidentially on January 22, 2014. Jefferies and Barclays are the joint bookrunners on the deal.