Penumbra (PEN) IPO Opens Sharply Higher
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Today's IPO for Penumbra, Inc. (NYSE: PEN) opened for trading at $38.98 after pricing 4,000,000 shares of its common stock at a price to the public of $30.00 per share, above the expected $25-$28 range. The offering size was lifted from 3,800,000 shares.
The underwriters for the offering will also have a 30-day option to purchase up to an additional 600,000 shares of Penumbra’s common stock at the price to the public, less the underwriting discounts and commissions.
J.P. Morgan and BofA Merrill Lynch are acting as joint lead book-running managers for the offering. Wells Fargo Securities and Canaccord Genuity are acting as co-managers for the offering. Perella Weinberg Partners is acting as independent capital markets advisor to Penumbra for the offering.
Penumbra, Inc., headquartered in Alameda, California is a global interventional therapies company that designs, develops, manufactures and markets innovative medical devices. The company has a broad portfolio of products that address challenging medical conditions and significant clinical needs across two major markets, neuro and peripheral vascular. Penumbra has approximately 1,000 employees and sells its products to hospitals primarily through its direct sales organization in the U.S., most of Europe, Canada and Australia, and through distributors in select international markets. Penumbra and the Penumbra logo are trademarks of Penumbra, Inc.
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