New York, May 5 - Northstar Neuroscience, Inc. priced an upsized $106.5 million IPO at $15 per share, above talk of $12 to $14 per share.
The Seattle-based medical device company sold 7.1 million shares, increased from the planned 6 million shares.
There is also a greenshoe for 1.065 million shares, raised from 900,000 shares.
Citigroup Global Markets Inc. and Cowen & Co., LLC were joint bookrunners for the deal. Co-managers were First Albany Capital Inc. and Leerink Swann & Co., Inc.
Northstar will use proceeds for clinical trials, to build sales and marketing capabilities, for working capital and for other general corporate purposes.
The company focuses on neurostimulation therapies for a broad range of neurological diseases and disorders.
| Issuer: | Northstar Neuroscience, Inc.
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| Issue: | Initial public offering of common stock
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| Amount: | $106.5 million
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| Shares: | 7.1 million
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| Greenshoe: | 1.065 million
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| Price: | $15.00
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| Pricing date: | May 4, after close
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| Bookrunners: | Citigroup Global Markets Inc. and Cowen & Co., LLC
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| Stock symbol: | Nasdaq: NSTR
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