GI Dynamics Raises $85 Million in Aussie IPO
Published: Aug 31, 2011
GI Dynamics hit its lower benchmark by raising $86 million in its down-under initial public offering. The Lexington, Mass.-based device company hoped for between $86 million and $102 million through sales of some 72.7 million chess depository interests at a price of A$1.10 per CDIs, a type of security used by the Australian Stock Exchange to allow international companies to trade on the local market. The company also opened another 13.6 million shares through an oversubscription of the offering. Though company spokespeople were unable to comment on the IPO at the time, Australian filings showed that Medtronic Inc. (NYSE:MDT) participated in a private placement concurrent with the public offering by investing $5 million in the weight-loss treatment device company, adding to the $15 million invested prior.