K2M's IPO could reap as much as $183M (MassDevice)
K2M press release
K2M says its forthcoming initial public offering could garner as much as $183 million, if its underwriters exercise a 1.3 million-share over-allotment.
K2M Group Holdings, the largest privately held spinal implant maker, said today that its forthcoming initial public offering could be worth up to $183 million.
K2M announced its plans for a U.S. IPO early this year, saying in March that the launch could be worth $100 million.
But in a filing lodged with the SEC today, K2M said it plans 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
The Leesburg, Va.-based company 1st announced its IPO plans in January, revealing few details. In March, K2M said it hoped to raise as much as $100 million with the offering. The proceeds are earmarked for paying down debt and dividend payouts, the company said. 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 p...
