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Silk Road Medical's stock soars in public debut

Tomi Kilgore

Shares of Silk Road Medical Inc. soared in their public debut Thursday, enough to pace all gainers on the major U.S. exchanges. The first trade was at $33.15, or 66% above the $20 initial public offering price, at 11:36 a.m. Eastern. Since then, the stock has traded in a range of $32.73 to $37.30, and was recently 85% above its IPO price at $36.96. The medical device company sold 6 million shares in the IPO to raise $120 million, and could raise up to $138 million if the underwriters exercise all the options granted to buy additional shares. At the IPO price, the company was valued at $604.2 million. The IPO priced at the top of the expected range of $19 to $20, up from original expectations of $15 to $17, when the company said it has expected to offer 4.7 million shares for sale. The company went public at a time that the Renaissance IPO ETF has run up 32% year to date, while the S&P 500 has gained 15%.