Warburg Pincus-backed Tornier B.V. expects to raise up to $183.8 million when it goes public on Nasdaq, which is lower than the $205 million initial public offering previously planned, Reuters reported. Tornier is a Netherlands-based medical device company. It expects its IPO of 8.8 million shares will be priced at the range of $19 to $21 each.
* Expects IPO to be priced at $19-$21 per shr
* Co to offer 8.8 mln shares
* Says to use proceeds to repay debt
(Reuters) – Medical device company Tornier B.V. expects to raise up to $183.8 million in an initial public offering, lower than the $205 million it has earlier planned.
The Netherlands-based company expects its IPO of 8.8 million shares to be priced at $19-$21 apiece.
The company will use net proceeds of about $156.8 million to repay debt. The company may also use a part of the proceeds to acquire other businesses, products or technologies, it said in a regulatory filing.
Tornier backed by private equity firm Warburg Pincus focuses on surgeons who treat musculoskeletal injuries and also sells joint replacement products.
BofA Merrill Lynch and J.P. Morgan Securities are among the underwriters for the IPO.
Tornier said it has applied to trade on Nasdaq under the symbol “TRNX.”
(Reporting by Aditi Sharma in Bangalore; Editing by Joyjeet Das)