Tandem Diabetes Care Raises $120M in Bigger-Than-Expected IPO
The IPO class of 2013 continues to amaze, with San Diego’s Tandem Diabetes Care joining the parade as the 48th life sciences company in the United States to go public so far this year, according to Renaissance Capital.
Tandem Diabetes is expected to begin trading on the Nasdaq exchange tomorrow under the ticker symbol TNDM, after the medical device maker expanded the size of its IPO and sold its shares tonight at $15—at the high end of its expected range. The company makes a next-generation insulin pump with a smartphone-like display screen, and raised gross proceeds of $120 million in an initial offering of 8 million shares, according to the institutional research firm Renaissance Capital. When Tandem Diabetes set its price range last week at $13 to $15 a share, the planned offering amounted to 7.1 million shares.
Including Tandem Diabetes, at least five U.S. companies completed their IPOs today. That brings the running tally of IPOs so far this year to 204, and puts 2013 on a record pace unseen since 2007, which had a total of 213 IPOs, according to Renaissance Capital. At least a dozen more deals are still on the IPO calendar for November—which could approach the previous record of 217 IPOs set in 2004.