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UPDATE 1-Globus Medical sees IPO at $16-$18/shr
July 16, 2012 / 10:24 PM / 5 years ago

UPDATE 1-Globus Medical sees IPO at $16-$18/shr

* To sell 11.76 mln shares

* Company to offer 2.9 mln shares

* Selling stockholders to offer about 8.8 mln shares

* Plans to list Class A stock on NYSE under “GMED” symbol

July 16 (Reuters) - Spinal implant manufacturer Globus Medical Inc said it expected its initial public offering of 11.76 million shares to be priced between $16 and $18 apiece.

At the midpoint of the expected price range, the offering will raise about $200 million.

The company, which filed for an IPO of up to $100 million in March, raised the offering size to $150 million in May.

Globus Medical will sell about 2.9 million shares in the offering, while selling stockholders will offer the rest.

The company earned $17.6 million on net sales of $94.7 million in the three months ended March 31.

Audubon, Pennsylvania-based Globus Medical expects to list its Class A common stock on the New York Stock Exchange under the symbol “GMED”.

BofA Merrill Lynch, Goldman Sachs and Piper Jaffray are among the underwriters to the offering.

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