Spacelabs Healthcare, the Issaquah subsidiary of OSI Systems, netted about $27 million through a public-stock offering on London's Alternative...
Spacelabs Healthcare, the Issaquah subsidiary of OSI Systems, netted about $27 million through a public-stock offering on London’s Alternative Investments Market, the company said Tuesday.
Shares of the international medical-equipment manufacturer will begin trading Monday under the ticker symbol SLAB.
It will join only 20 U.S. companies that trade on the A.I.M., a 10-year-old sub-market of the London Stock Exchange with more than 3,000 listed stocks.
The offering fell short of the roughly $50 million the company expected. But executives were pleased given the state of the market, said Dave Tilley, president and chief operating officer of Spacelabs Medical, which is the largest of the four companies that OSI combined to form Spacelabs Healthcare.
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Spacelabs will use about $22 million to repay part of its debt to OSI, based in Hawthorne, Calif. It still owes its parent $35 million; OSI retains ownership of 80 percent of Spacelabs.
Spacelabs’ market capitalization will be roughly $150 million when trading begins. The four companies had combined net income of $4.6 million on $195.7 million in revenues during the fiscal year ended June 30.
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