Shares of Tandem Diabetes Care close 28% above their $15 offering price in their 1st day of public trading.
Shares of Tandem Diabetes Care closed up some more than 28% above their offering price today after the medical device company's initial public offering debuted on the NASDAQ exchange.
TNDM shares opened at $19.40 apiece, 29.3% ahead of the $15-per-share price Tandem assigned yesterday, peaked at $20.20 before subsiding to a $19.21 close. Some 4.0 million shares changed hands, half of the total 8 million shares Tandem plans to offer.
That sets Tandem up to raise more that the $120 million pricing; if it were to sell all 8 million shares at $19.40, the IPO would raise more than $155 million. And that doesn't account for a 1.2 million-share over-allotment for the offering's underwriters, which if exercised would push the raise even higher. Shares began trading today under the TNDM symbol.