Globus Medical Inc. said in a regulatory filing that it expect to price its initial public offering between $16.00 and $18.00 per share. The company said it has applied to list our Class A common stock on the New York Stock Exchange under the symbol "GMED."
The company said that it is selling about 2.94 million shares of Class A common stock and the selling stockholders are selling about 8.82 million shares of Class A common stock. The company noted that it will not receive any proceeds from the sale of shares of Class A common stock to be offered by the selling stockholders.
The underwriters may also purchase up to an additional 1.76 million shares of Class A common stock from the selling stockholders, at the public offering price, less the underwriting discount, within 30 days from the date of this prospectus to cover overallotments, if any.
The company estimate that its net proceeds from the sale of about 2.94 million shares of Class A common stock in this offering will be approximately $35.1 million, assuming an initial offering price of $17.00 per share, which is the midpoint of the price range, and after deducting estimated underwriting discounts and commissions and estimated offering expenses.
The company stated that it intend to use the net proceeds received by it from this offering for working capital and general corporate purposes, including further expansion of sales and marketing efforts and continued investments in research and development. However, the company noted that it does not have any specific uses of the net proceeds planned.
The company noted that following this offering, it has will have two classes of common stock outstanding: Class A common stock and Class B common stock.
The company said it intend to effectuate a 3.25-to-1 stock split of its outstanding common stock immediately prior to the closing of this offering.
Globus Medical is a medical device company focused exclusively on the design, development and commercialization of products that promote healing in patients with spine disorders.
For the three months ended March 31, 2012, the company had sales of $94.7 million as compared to $78.3 million for the three months ended March 31, 2011, an increase of $16.4 million or 21%.
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by RTT Staff Writer
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