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IPOs are Back

It had been a long dry spell for initial public offerings in Minnesota until a couple of firms took a dip into the markets during the past 12 months.

• AGA Medical Holdings (Nasdaq: AGAM) raised nearly $200 million with its October 2009 IPO, which is helping the Golden Valley–based med-tech firm finance sales of its device that offers a less costly and less invasive alternative for plugging holes in the heart. It was the first IPO from a Minnesota company since those of Virtual Radiologic and EnteroMedics back in November 2007.

• In April, Minneapolis-based SPS Commerce (Nasdaq: SPSC) went public in order to expand sales efforts for its supply chain management software.

There are more IPOs in the pipeline. In April, another med-tech firm, Plymouth-based Kips Bay Medical, filed for an offering; proceeds would be used to seek regulatory approval for a flexible metal mesh designed to strengthen vein grafts in coronary artery bypass surgeries. Also filing is Electromed, a New Prague company whose products provide airway clearance therapy for patients suffering from cystic fibrosis and other chronic obstructive pulmonary diseases.