Shares of spinal implant manufacturer Globus Medical, Inc. (GMED: Quote) are rising in their trading debut on the New York Stock Exchange Friday, following a successful initial public offering.
The Audubon, Pennsylvania-based company priced its initial public offering of about 8.3 million shares of Class A common stock, consisting of about 2.1 million shares offered by Globus Medical and 6.25 million shares offered by selling shareholders, at $12 per share, the low end of an expected $12 to $13 range.
In addition, Globus Medical has granted the underwriters a 30-day option to purchase up to an additional 1.25 million shares of common stock to cover any over-allotments.
The offering is expected to close on August 8.
Earlier this week, Globus Medical reduced its planned IPO size to 8.3 million shares and estimated price range to $12 to $13 per share from its earlier plan to sell 11.8 million shares in a price range of $16 to $18 per share.
Globus Medical shares are currently trading at $13.99 after trading as high as $14.65 earlier in the session.
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by RTT Staff Writer
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