K2M Prices Secondary Offering
Wednesday, February 11, 2015
Medical device maker K2M Inc. has priced shares for a secondary stock offering at $18.75 per share, with a total of 6.045 million shares being offered by the company and existing shareholders.
K2M is selling 2.045 million shares in the offering, and stockholders named in the registration statement are selling 4 million shares. Based on recent pricing, the secondary offering would raise about $38 million for the company.
Underwriters also have the option to purchase an additional 906,748 shares. Piper & Co., Barclays Capital Inc. and Wells Fargo Securities LLC are joint manager for the offering.
K2M says the capital will be used to expand its distribution network and buy inventory to support sales.
It has not set a date for the secondary offering.
K2M raised $120 million in its initial public offering in May 2014, one of the largest IPOs in the Washington region last year.