Globus Medical IPO pulls in $100M in the face of lowered expectations

Medical devicemaker Globus Medical ($GMED) drew in about $100 million after its initial stock price of $12 per share rose 9.2% in the wake of its IPO debut late last week, The Wall Street Journal reports. Globus, an Audubon, PA-based designer of devices to treat patients with spine disorders, launched its IPO with lowered expectations. Initially, the company had said it would sell 11.8 million shares, priced between $16 and $18 for its IPO, but subsequently lowered its opening price. Globus stock debut rose to $13.10 per share on the New York Stock Exchange with 8.3 million shares sold. Story (sub. req.)

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