(Reuters) — Medical technology company Acelity Holdings Inc [IPO-ACHL.N] expects to raise up to $1 billion in its IPO, according to a filing with the U.S. Securities and Exchange Commission.
The San Antonio, Texas-based company, which develops regenerative medicine and sells health care products in 75 countries, filed for an initial public offering in August.
The company is a portfolio company of private equity firm Apax Partners, Canadian pension investment manager PSP Investments and the Canada Pension Plan Board.
Acelity was founded in 1976 as Kinetic Concepts Inc (KCI). KCI acquired LifeCell Corp for $1.7 billion in 2008 and bought UK-based Systagenix, formerly a part of Johnson & Johnson (JNJ.N), for $485 million in 2013. KCI renamed itself as Acelity after the Systagenix takeover.
The company was leveraged at 6.74x at June 30, and plans to use the IPO to repay its debt, Thomson Reuters IFR reported in August.
Acelity intends to list on the New York Stock Exchange, but has yet to decide on a ticker symbol.
The company has not revealed the number of shares it will be offering or their expected price.
The company, which generated $1.86 billion in revenue last year, sells and rents its negative pressure wound therapy systems for use in surgical procedures such as post-mastectomy breast reconstruction and abdominal wall reconstructions.
JP Morgan, Goldman Sachs and Bank of America Merrill Lynch are the top-line bookrunners, while Morgan Stanley, Barclays, Credit Suisse, RBC Capital Markets and UBS are joint bookrunners.