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Best foot forward: Orthopedic medical device company Paragon 28 files for a $100 million IPO

September 24, 2021

Paragon 28, which makes orthopedic implants and medical devices for the foot and ankle, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

Paragon 28 states that it is a leading medical device company exclusively focused on the foot and ankle orthopedic market. Its orthopedic solutions, procedural approaches, and instrumentation cover a wide range of foot and ankle ailments including fracture fixation, hallux valgus (bunions), hammertoe, ankle, progressive collapsing foot deformity (PCFD, or flatfoot), charcot foot, and orthobiologics. The company provides a comprehensive portfolio of solutions that includes surgical implants and disposables, as well as surgical instrumentation, and its suite of surgical solutions comprises 72 product systems and approximately 8,700 SKUs.

The Englewood, CO-based company was founded in 2010 and booked $134 million in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol FNA. Paragon 28 filed confidentially on August 2, 2021. BofA Securities, and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.