LeMaitre Vascular sets $8-$10 per share price talk for upcoming IPO

By Jennifer Chiou

New York, Oct. 3 - LeMaitre Vascular, Inc. plans to issue 6 million shares in its initial public offering with a price target of $8.00 to $10.00 per share, according to an S-1/A filing with the Securities and Exchange Commission Tuesday.

On April 25, the company filed for an estimated $69 million offering of common stock.

Goldman, Sachs & Co. will be bookrunner for the offering with CIBC World Markets, Cowen & Co. and JMP Securities as co-managers.

LeMaitre, based in Burlington, Mass., is provider of innovative medical devices for the treatment of peripheral vascular disease. It makes both disposable and implantable vascular devices for use in arteries and veins outside the heart.

The company estimated the worldwide market for peripheral vascular devices at more than $3 billion including more than $500 million for its 10 current product lines.

IPO proceeds will be used to repay the company's outstanding bank debt - as of March 31 it had $1.09 million of revolver borrowings and a $0.97 million term note - with the remainder going to finance working capital needs, including hiring additional sales personnel, funding clinical studies and expanding manufacturing and research and development capabilities, and for general corporate purposes.

For the three months ending March 31, LeMaitre reported net income of $370,000 on net sales of $8.57 million. For 2005, net income was $55,000 on sales of $30.03 million.

George W. LeMaitre was the biggest shareholder with 39.4% of the stock at March 31, followed by Housatonic Partners of Boston with 14.3%, George D. LeMaitre at 6.3%, LeMaitre Family LLC at 6.2% and Cornelia LeMaitre at 5.2%, according to the SEC filing.

The company has applied to list the shares under "LMAT" on the Nasdaq Global Market.

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