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Globus Medical announces IPO pricing
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Globus Medical Inc., a U.S.-based spine implant manufacturer, announced its initial public offering of $8.3 million shares of Class A common stock at $12 per share on August 3. The company closed the offering on August 8.
Globus Medical offered 2.0 million shares of stock and 6.2 million shares were offered by selling stockholders, according to a company press release. A 30-day option to purchase up to an additional 1.2 million shares of common stock to cover any over-allotments was granted to the underwriters by Globus Medical, as stated in the release.
Documents that Globus recently filed with the U.S. Securities and Exchange Commission stated the company intends to use the proceeds of this offering for working capital, general corporate purposes, further expansion of its sales and marketing efforts, and ongoing research and development investments. But according to the document, specific plans for using the net proceeds have not yet been made, nor has a determination been made of the amounts that will be spent per use.
