K2M (NSDQ:KTWO) today priced a follow-on offering that will bring in more than $38 million for the orthopedic device maker.
Leesburg, Va.-based K2M said it put up more than 2 million shares at $18.75 apiece; other stockholders put up another 4 million shares at the same price, according to a press release, and the offering also includes a more than 900,000-share over-allotment for its underwriters.
K2M originally planned to drum up $40 million with a 4.9 million-share flotation. Today the company said the $38.3 million it did bring in will go toward expanding its worldwide sales footprint and possibly for acquisitions, plus working capital and general corporate purposes.
The company, once the largest privately held spinal device maker, took itself public in the spring of 2014, raising $132 million.
Piper Jaffray & Co., Barclays Capital and Wells Fargo Securities are the joint book-running managers for the offering, with William Blair & Co. and Cowen & Co. as co-managers.