IPO News Archive
Medical device company Kips Bay Medical announces IPO terms
Kips Bay Medical, which is developing vein support technology to be used in coronary artery bypass grafting (CABG) surgery, announced terms for its IPO on Tuesday. The Minneapolis, MN-based company plans to raise $25 million by offering 2.75 million shares at a price range of $8-$10. At the mid-point of the proposed range, Kips Bay Medical will command a market value of $147 million. Kips Bay Medical, which was founded in 2007 and has yet to generate product revenue, plans to list on the NASDAQ under the symbol KIPS. Rodman & Renshaw and Newbridge Securities are the lead underwriters on the deal, which is expected to price during the week of February 7.