LDR meets $75m IPO target
This article was originally published in Clinica
Spinal implant specialist LDR has launched its initial public offering (IPO), reportedly raising the $75m it had hoped for, selling five million shares at $15 apiece. The firm had previously upped its target from the $69m it had originally been aiming for (www.clinica.co.uk, 20 September 2013). The Austin, Texas company estimates that the net proceeds from the offering will be around $66.8m, or $77.2m if the underwriters exercise their overallotment option in full, it said in a filing with the US Securities and Exchange Commission (SEC). LDR will list on the Nasdaq Global Select market under the ticker symbol LDRH. The firm’s flagship products are based on its VerteBRIDGE fusion and Mobi non-fusion platforms, which are both designed for use in the cervical and lumbar spine.