Buyout-backed K2M launches Nasdaq IPO at $15 per share


spine_bone_lrgPrivate equity-backed medical device business K2M Group has launched its IPO priced at $15 per share.

The company, which boasts investors including Welsh, Carson, Anderson & Stowe and Ferrer Freeman, began trading its stock on the Nasdaq exchange yesterday.

K2M said it expected to receive net proceeds from the offering of approximately $120m, after deducting underwriting discounts and estimated offering expenses.

It added that it intends to use the proceeds to repay debt, dvidends on its Series A and Series B redeemable convertible preferred stock, and for working capital and general corporate purposes.

Piper Jaffray, Barclays Capital and Wells Fargo Securities acted as lead underwriters for the IPO.

K2M focuses on designing, developing and commercialising minimally invasive technologies for spinal surgery.

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