The Pfizer and GE-backed medical device developer has closed its initial public offering after the underwriters took up the over-allotment option.
Neuronetics, a US-based medical device developer backed by pharmaceutical firm Pfizer and industrial, healthcare and power technology producer General Electric (GE) closed its initial public offering at $107.5m yesterday.
The company priced 5.5 million shares at $17.00 each on the Nasdaq Global Market last week, raising an initial $93.5m. Its shares closed at $26.96 yesterday, giving it a market capitalisation of about $451m, and the underwriters took up an option to buy a further 825,000 shares.
Neuronetics’ lead product…
