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Wright IPO raises $94M
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July 12, 2001: 6:47 p.m. ET
Orthopedic device company sells 7.5M shares at $12.50 each via JP Morgan
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NEW YORK (CNNfn) - Wright Medical Group Inc., an orthopedic device company, raised nearly $94 million ahead of its initial public offering, the first new issue in two weeks.
Arlington, Tenn.-based Wright Medical sold 7.5 million shares at $12.50, the midpoint of its $11.50-to-$13.50 price range, via lead underwriter J.P. Morgan.
The Wright IPO is the first new issue since Monolithic System Technology Inc. (MOSY: up $0.38 to $11.38, Research, Estimates), a developer of chip memory technology, which climbed 12 percent on June 28.
The 51-year old Wright Medical makes reconstructive implants for joints such as the knees and hips. The orthopedic device maker is also one of the first companies to receive clearance from the Food and Drug Administration for its synthetic bone graft substitute that is used in the spine.
Wright will trade Friday under the Nasdaq symbol "WMGI." 
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