Paragon 28, which makes orthopedic implants and medical devices for the foot and ankle, raised $125 million by offering 7.8 million shares at $16, within the range of $15 to $17.
Paragon 28 states that it is a leading medical device company exclusively focused on the foot and ankle orthopedic market. Its orthopedic solutions, procedural approaches, and instrumentation cover a wide range of foot and ankle ailments including fracture fixation, hallux valgus (bunions), hammertoe, ankle, progressive collapsing foot deformity (PCFD, or flatfoot), charcot foot, and orthobiologics. The company provides a comprehensive portfolio of solutions that includes surgical implants and disposables, as well as surgical instrumentation, and its suite of surgical solutions comprises 72 product systems and approximately 8,700 SKUs.
Paragon 28 plans to list on the NYSE under the symbol FNA. BofA Securities and Piper Sandler acted as joint bookrunners on the deal.
