K2M Finally Public, Begins Trading on Nasdaq Stock Exchange

Leesburg, Va.-based spinal surgery device company K2M Group Holdings Inc. priced its initial public offering at $15 a share and began trading on May 8, with CEO Eric Major ringing the opening Nasdaq bell. The company had once touted itself as “the largest private spinal implant company in the world.” The firm is going to have to look for another tagline.

K2M sold 8.8 million shares in its initial public offering trading under the symbol “KTWO” and raised $132 million at the $15 per share price. The opening price is a little shy of what the company had announced just a few weeks earlier in the range of $16 to $18. K2M closed its first day of trading where it started, with a day’s high of $15.23 and a low of $14.51.

K2M, which was founded in 2004, had about $158 million in sales for fiscal 2013 (ended Dec. 31), an increase of 17 percent. International sales made up 29 percent of revenue. Despite the impressive sales gains, the company posted a $37.9 million loss for FY13.