Langer greenshoe partially exercised, raising IPO to $31.6 million

By Jennifer Chiou

New York, July 13 - Langer, Inc. said underwriters exercised a portion of its greenshoe, raising the company's common-stock offer by $1,475,429 for overall net proceeds of $31.6 million.

Langer originally issued 5 million shares in its initial public offering that closed on June 15.

Underwriters purchased an additional 226,989 shares at $6.50 apiece.

Proceeds will be used to repay debt incurred from the acquisition of Silipos, Inc. and for working capital and other general corporate purposes.

Piper Jaffray & Co. was lead managing underwriter and Ryan Beck & Co. and Wm Smith Securities, Inc. were co-managers.

Deer Park, N.Y.-based Langer and wholly owned subsidiary Silipos provide medical products targeting the orthopedic, orthotic and prosthetic markets.

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