Best (And Only) IPOS Of 2011

Minnesota’s best initial public offerings of 2011? Kips Bay Medical and Tornier, of course. Indeed, they were the state’s only companies to go public last year. Kips Bay, founded in 2007 by Manny Villafaña, makes a mesh sleeve that is placed over a vein graft during heart bypass surgery. The company raised $16.5 million in its February 2011 offering and is pursuing U.S. regulatory approval for its device, which is currently marketed in Europe.

Tornier, an Amsterdam-based medical device company whose U.S. headquarters are in Edina, raised $166 million in an IPO the same month as Kips Bay. It had previously aimed to raise about $205 million. Proceeds were used to repay $115 million in debt. The year’s two measly IPOs actually matched 2010 and outpaced 2009, when there was only one, and 2008, when there were none.

Last April, Eden Prairie–based Bluestem Brands filed to go public, looking to raise about $150 million, but later postponed for undisclosed reasons. Maple Plain–based Proto Labs also filed for an IPO last year. Its offering went live in February.