Insulet sets terms of its IPO

Insulet Corp. today set the terms of its initial public offering at 6.7 million shares, with an estimated price range of $14 to $16 a share.

The Bedford maker of hand-held insulin-infusion systems has also granted the underwriters an option to buy up to about 1 million additional shares to cover overallotments, according to an amended prospectus.

JP Morgan, Merrill Lynch & Co., Thomas Weisel Partners LLC, and Leerink Swann & Co. are listed as underwriters.

The company intends to use the proceeds to complete and enhance its automated manufacturing capabilities, to expand sales and marketing activities, to fund research and development, and for general corporate purposes.

Insulet has applied to list its stock on Nasdaq Global Market under the symbol PODD.
(Dow Jones Newswires)