K2M Group's (NSDQ:KTWO) initial public offering landed right on target with $120 million in net proceeds, even though the company lowered its per-share price. The company, which makes spinal implants, had said in its most recent estimates that the IPO would net $120 million with shares selling for $16-$18 apiece. K2M ultimately priced its shares at $15, offering more than 8.8 million units. As promised, the company used the funds to retire all of its debt and pay off all dividends on its convertible stock.
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