Globus Medical shares rise in market debut
(Reuters) - Globus Medical Inc's (GMED.N) shares soared in their market debut a day after the spinal implant manufacturer priced its offering at the low end of an already slashed price range.
Shares of the company closed up 13 percent at $13.50 on the New York Stock Exchange.
Earlier in the day, they rose as much as 22 percent to touch a high of $14.63.
The company sold 8.3 million Class A common shares at $12 per share.
The Audubon, Pennsylvania-based company cut both the number of shares it expected to sell and their expected price range on Thursday.
It had initially expected to sell 11.8 million shares for between $16 and $18 per share.
BofA Merrill Lynch, Goldman Sachs and Piper Jaffray are the underwriters to the offering.
(Reporting by Jochelle Mendonca and Ashutosh Pandey in Bangalore; Editing by Supriya Kurane, Sreejiraj Eluvangal)
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