Globus Medical Sees IPO at $16-$18 a Share

(Reuters) – Spinal implant manufacturer Globus Medical Inc said it expected its initial public offering of 11.76 million shares to be priced between $16 and $18 apiece.

At the midpoint of the expected price range, the offering will raise about $200 million.

The company, which filed for an IPO of up to $100 million in March, raised the offering size to $150 million in May.

Globus Medical will sell about 2.9 million shares in the offering, while selling stockholders will offer the rest.

The company earned $17.6 million on net sales of $94.7 million in the three months ended March 31.

Audubon, Pennsylvania-based Globus Medical expects to list its Class A common stock on the New York Stock Exchange under the symbol “GMED”.

BofA Merrill Lynch, Goldman Sachs and Piper Jaffray are among the underwriters to the offering. Among the investors already backing Globus Medical are venture capital firm Clarus Ventures and Goldman Sachs, according to federal filings and Thomson Reuters research.

(Reporting by Sharanya Hrishikesh in Bangalore; Editing by Maju Samuel and Jonathan Marino)

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