Symphonix Devices Seeks to Raise $25 Million

Symphonix Devices Inc., which is developing implantable devices for the hearing impaired with hopes of big profits from an aging baby-boomer population, plans to sell 2.3 million common shares in an initial public offering, raising as much as $24.9 million after expenses. The San Jose-based company filed with the Securities and Exchange Commission for the first-time stock sale, saying new investors will own 19.7% of the 11.7 million shares to be outstanding. Based on a midpoint price of $12 per share--the company expects to sell shares at $11 to $13 each--the offering gives Symphonix an implied market value of $140.4 million. The Symphonix devices are still being tested and will require approval by regulatory authorities. . . . Hawker Pacific Aerospace filed for the sale of 2.77 million common shares in an IPO, in part to fund the purchase of British Airways’ landing gear repair operations. Sun Valley-based Hawker repairs and overhauls aircraft and helicopter landing gear and brakes. It filed last week with the Securities and Exchange Commission for the first-time stock sale, saying the offering could raise as much as $20.8 million after expenses. New investors will own about 45% of the 5.82 million shares to be outstanding. The company expects to sell 2.3 million shares for $8 to $10 each, and a former director will sell 166,667 shares. Based on a midpoint price of $9, the offering implies the company has a market value of $52.4 million.