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Globus Medical shares soar on 1st NYSE trading day

The Associated Press

Shares of Globus Medical Inc. are soaring in their first day of trading on the New York Stock Exchange.

The stock climbed nearly 20 percent, or $2.37, to $14.37 in afternoon trading.

The Audubon, Pa., spinal implant manufacturer offered 2.1 million shares, and shareholders sold another 6.3 million shares. The initial public offering priced at $12, the low end of an expected $12 to $13 range.

Globus Medical makes products that treat spine disorders and for spinal fusion surgery, which corrects problems with vertebrae, or the bones that make up the spine.

The company says it has no specific uses planned for the offering proceeds. It will use the money for a sales and marketing push and for research and development.

Shares trade under the "GMED" ticker symbol.