OrthoPediatrics yesterday priced the range on its initial public offering, looking to float 4 million shares of common stock at between $12 and $14 per share, which would bring in between $48 and $56 million.
The offering also includes a 30-day underwriter’s option to purchase an additional 600,000 shares of common stock, bringing the possible total the company could raise in the offering up to $64.4 million.
Warsaw, Ind.-based OrthoPediatrics currently produces 21 surgical systems designed to support orthopedic trauma and issues and said it has plans to expand its offerings into additional categories, including the foot and ankle, hand and wrist, clavicle, pelvis and sports-related injuries.
Funds from the offering are slated to pay accumulated unpaid dividends on its Series B preferred stock, to invest in implants and instrument sets for consignment to its customers and for R&D, sales expansion and general corporate purposes, the company said in a press release.
OrthoPediatrics said it has applied to the NASDAQ Global Market under the ticker symbol “KIDS.” Piper Jaffray & Co. and Stifel, Nicolaus & Co. are acting as joint book-runners for the offering.
The company originally registered for an initial public offering worth $75 million in June, but has modified the registration to include updated financial data on the company.
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