Globus Medical IPO: Globus Medical (GMED) IPO was priced at $12 per share Friday, the stock opened at $13.1, and performed stably, to end at 13.5 as of the closing bell, up 12.5% compared to its IPO price.
Globus Medical IPO price of $12 is much lower than the previously announced IPO price range of $16 to $ 18. The company offered 8.30 million shares (previously announced issuance amount was 11.80 million shares), to raise funds of $100 million. Globus Medical got its stock listed on the New York Stock Exchange under the symbol “GMED.” Merrill Lynch, Goldman Sachs and Piper Jaffray were the lead underwriters for Globus Medical IPO.
For fiscal 2011, the company recognized sales of $331 million, an increase of 15% compared to a year ago; net profit of $61 million, an increase of 12%, compared to the same period of last year.
Globus Medical was founded in 2003 and is engaged into the design and manufacture of products to promote spinal surgery, and currently has introduced more than 100 products, including surgical devices and biomaterials to promote bone regeneration.