Shares of Inari Medical Inc.
rocketed out of the gate Friday, as they opened for trading at prices that were more than double the initial public offering price. The Irvine, Calif.-based company, which develops medical devices for patients suffering from venous diseases, upsized its IPO to 8.20 million shares from 7.33 million shares. The company raised $155.85 million in the IPO, which priced at $19, above the expected range of $17 to $18, which was recently raised from $14 to $16. The stock’s first trade was at $41.30–117% above the IPO price–at 12:09 p.m. ET for 1.1 million shares. It has since held its gains, and was most recently up 116%. The company went public at a time that the Renaissance IPO ETF
has gained 2.9% over the past three months, while the S&P 500
has lost 12.0%.
View more information: https://www.marketwatch.com/story/inari-medicals-stock-blasts-off-trades-more-than-double-the-ipo-price-2020-05-22