K2M Group cut the price on its initial public offering to $15 per share, with trading in the stock slated to begin today on the NASDAQ exchange under the KTWO symbol.

K2M, billed as the largest privately held spinal device maker, originally proposed to release 8.8 million shares at $16-$18 apiece, which would have brought in $141.2 million to $158.9 million. The lowered price of today’s offering yielded $132 million.

K2M said it expects to net $120 million from the IPO and has earmarked the cash to retire all of its debt and pay off all dividends on its convertible stock, plus working capital and general expenses.

The Leesburg, Va.-based company 1st announced its plans for a U.S. IPO early this year, saying in March that the launch could be worth $100 million. In April, the company said it planned to offer 8.8 million shares at a maximum price of $18 apiece. Including a 1.3 million optional over-allotment for the offering’s underwriters, K2M could put up as many as 10,148,750 shares in the IPO.

K2M has about $22.3 million in outstanding debt on its shareholder notes, $23.5 million outstanding on a credit facility and $15.7 million in unpaid dividends on Series A and B preferred stock, according to regulatory filings, for a grand total of about $61.5 million.

Piper Jaffray, Barclays Capital and Wells Fargo Securities are the IPO’s joint book-runner, with William Blair & Co. and Cowen & Co. as co-managers.