Spinal Elements Holdings, which develops medical devices for minimally invasive spinal surgery procedures, announced terms for its IPO on Thursday.
The Carlsbad, CA-based company plans to raise $108 million by offering 7.7 million shares at a price range of $13 to $15. The company plans to raise an additional $84 million in a concurrent private placement to Kohlberg & Company. At the midpoint of the proposed range, Spinal Elements Holdings would command a fully diluted market value of $382 million.
Spinal Elements offers a comprehensive product portfolio that can address approximately 95% of spinal surgery procedures performed worldwide as of 2018. Its systems, products, and technologies cover a wide variety of spine disorders, including degenerative conditions, deformities, and trauma.
Spinal Elements Holdings was founded in 2003 and booked $93 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol SPEL. Credit Suisse, Baird, Stifel, Truist Securities and BTIG are the bookrunners on the deal. It is expected to price the week of October 12, 2020.
