Shares of Tandem Diabetes Care gain on the launch of its initial public offering, with shares opening at $19.40 apiece, nearly 30% ahead of the price Tandem set yesterday.
Shares of Tandem Diabetes Care are up some 30% today after the medical device company's initial public offering debuted on the NASDAQ exchange.
TNDM shares opened and $19.40 apiece, 29.3% ahead of the $15-per-share price Tandem assigned yesterday, peaking at $20.20 before subsiding to $19.35 as of about 10:40 a.m.
That sets Tandem up to raise more that the $120 million pricing; if it were to sell all 8 million shares at the $19.40 price 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 are expected to begin trading today under the TNDM symbol.