April 8 Medical device company Kips Bay Medical Inc filed with U.S. securities regulators on Friday to raise up to $57.5 million in an initial public offering of common stock.
The company said it is developing a technology for use in coronary artery bypass grafting and it intends to use the proceeds from the IPO to seek regulatory approval to market the technology in the United States and abroad.
Kips Bay said it plans to list its shares on Nasdaq under the symbol "KIPS" but did not reveal the number of shares it plans to sell.
The company told the U.S. Securities and Exchange Commission in a preliminary prospectus that Jefferies & Co was underwriting the IPO. (Reporting by Abhinav Sharma in Bangalore; Editing by Gopakumar Warrier)