Surgical device manufacturer Biomet has filed to raise up to $100 million in an IPO. The proceeds are intended to reduce outstanding debt, which stood around $5.9 billion as of November 30, 2013. The company, which plans to list under the symbol BMET, makes and markets surgical and non-surgical products used primarily by orthopedic surgeons, like artificial hips, dental implant bridges and more.
Biomet was taken private in 2007 by a private equity consortium (The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts and TPG Capital) for about $11.4 billion. Back in 2011, the company was said to be holding informal talks with rival Smith & Nephew about a possible £15 billion ($25 billion) merger, which Smith & Nephew subsequently denied. The medical devices industry as a whole struggled after the financial crisis, as prospective patients delayed or scuttled joint replacements and some surgical procedures.