Minneapolis-based Park Dental Partners has announced its initial public offering of 1,535,000 shares of its common stock at the price of $13 per share.
The DSO expects the gross proceeds from the IPO to be about $20 million, which it plans to put toward practice acquisitions, capital expenditures, working capital and repayment and financing of outstanding debt, according to a Dec. 2 news release.
The shares began trading Dec. 3, and the offering is expected to close Dec. 4.
The company has also granted underwriters a 30-day option to purchase up to 230,250 shares at the public offering price.
Park Dental Partners issued a warrant to purchase up to 6% of the total shares of common stock sold in the offering for 120% of the public offering price to Northland Capital Markets, a representative for the underwriters. The warrant can be exercised during a 4.5-year period that starts 180 days after the closing of the offering, the release said.
The DSO supports a network of more than 200 dentists across 85 practice locations.
