OrthoPediatrics goes public
By Alex Brown | Inside INdiana Business
Warsaw-based OrthoPediatrics Corp. (Nasdaq: KIDS) is now a publicly-traded company. The pediatric orthopedic medical device manufacturer Thursday completed its Initial Public Offering of common stock, raising $52 million.
OrthoPediatrics offered four million shares at an initial price of $13 per share. The company closed its first trading day at $19.22 per share.
The company says it plans to use the net proceeds from the IPO to pay accumulated and unpaid dividends on its Series B preferred stock, invest in implants and instrument sets for customers, fund research and development efforts, expand its sales and marketing programs and for working capital and general corporate purposes.
Chief Executive Officer Mark Throdahl and company executives Friday morning rang the opening bell at the Nasdaq MarketSite in New York City.
"Going public marks the maturation of our company which was founded with the idea of helping these kids that have been neglected by the large orthopedic companies," Throdahl said. "Since then, we have grown in breadth of products, in depth of relationships with surgeons and have also been able to grow our company at 20 percent or more every year for the last six years. The capital from this public offering will expand OrthoPediatrics' leadership in the pediatric orthopedic space."
MarketWatch reports OrthoPediatrics' stock is the ninth-best performing IPO of 2017.