Paragon 28's IPO To Open Today

paragon oct15 lt

Paragon 28 Inc. is making its debut on the New York Stock Exchange today (October 15), under ticker symbol "FNA".

The Englewood, Colorado-based Paragon 28 is a medical device company developing innovative orthopedic solutions, procedural approaches and instrumentation for a wide range of foot and ankle ailments including fracture fixation, hallux valgus (bunions), hammertoe, ankle, progressive collapsing foot deformity (PCFD) or flatfoot, charcot foot and orthobiologics.

The company launched its first product in 2010 and since then has brought to market 72 product systems.

Paragon 28 has offered to sell 7.81 million ordinary shares at a price of $16 per share in the IPO. The underwriters have an option for a period of 30 days to purchase up to an additional 1.17 million shares.

The offering, which is scheduled to close on October 19, 2021, is expected to rake in gross proceeds of about $125.0 million.

Underwriters of the IPO:

BofA Securities, Inc., Piper Sandler & Co., Canaccord Genuity LLC, JMP Securities LLC, Needham & Company, LLC

Financial numbers:

For the six months ended June 30, 2021, the company's net loss attributable to common stockholders narrowed to $3.35 million or $0.36 per share from $4.48 million or $0.53 per share in the same period last year.

Net revenue for the period jumped to $68.84 million from $45.66 million a year ago.

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