Biomet sources leak list of IPO underwriters
27 February 2014 13:13 in Medical Company Financials
Biomet will return to public ownership with an initial public offering (IPO) underwritten by Bank of America Merrill Lynch, Goldman Sachs and JPMorgan Chase & Co, according to people familiar with the matter.
The sources, who asked not to be named, told Reuters on February 26th the IPO would be held in the first half of 2014.
Biomet was acquired by a private equity consortium in 2007 for $11.4 billion (6.8 billion pounds), not long before the global financial crisis dealt a huge blow to the medical devices sector, causing patients to delay surgery and joint replacements.
The Warsaw, Indiana-based manufacturer, which was founded in 1977 and markets products such as dental implants and artificial hip joints, hopes the forthcoming offering will raise more than $1 billion.
Its sales reached $3 billion in the financial year ended May 2013 - an eight percent year-on-year increase - while adjusted net income rose 46 percent to $368 million.
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Story collated for Zenopa by the Axonn News Agency