New Issue: Restore raises $32 million in IPO of downsized 4 million shares at $8 each, below $9-$11 range

By Ronda Fears

Memphis, May 17 - Restore Medical, Inc. priced its initial public offering of a reduced 4 million shares at $8, below the price range of $9 to $11 a share, raising $32 million in proceeds. The deal was downsized from original plans to sell 5 million shares.

Deutsche Bank Securities (bookrunner) and RBC Capital Markets were joint lead managers.

St. Paul, Minn.-based Restore Medical makes medical devices to treat sleep disordered breathing, such as its Pillar palatal implant system. Proceeds earmarked for research and development.

Pre-IPO, the largest shareholder was MPM Capital with 3.98 million shares, or a 37.9% stake.

Issuer:	Restore Medical, Inc.
Issue:	Initial public offering of stock
Gross proceeds:	$32 million
Shares:	4 million, cut from 5 million
Greenshoe:	600,000 shares, cut from 750,000 shares
Price:	$8.00 per share
Price range:	$9 to $11
Bookrunner:	Deutsche Bank Securities
Joint lead manager:	RBC Capital Markets
Co-managers:	First Albany Capital
Pricing date:	May 16
Settlement date:	May 22
Stock symbol:	Nasdaq: REST

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.