Inari More Than Doubles, Scores Best U.S. IPO Debut of 2020
Inari More Than Doubles Value in Debut After $156 Million IPO
(Bloomberg) -- Inari Medical Inc. soared 124% in its trading debut after raising $156 million in an upsized, above-range initial public offering.
The medical device company posted the best first-day gain of the 74 companies that have gone public in the U.S. this year, according to data compiled by Bloomberg. The listing adds momentum to a rebounding IPO market after the lull imposed by by the coronavirus pandemic.
Listings by health-care and biotechnology firms, along with special purpose acquisition companies, have propped up the IPO market during the stock market rout since mid-March. Almost 80% of the IPO volume during that period was from such companies and SPACs.
Irvine, California-based Inari’s shares, which rose as much as 152% during the trading day, closed Friday at $42.51 in New York trading, giving the company a market value of $1.96 billion.
The company sold 8.2 million shares on Thursday for $19 apiece, after marketing 7.3 million for $17 to $18. That range had been elevate from an earlier target of $14 to $16 a share.
Inari, founded in 2013, develops technology that enable the removal of large clot volumes from big vessels without the use of thrombolytic drugs. It counts Gilde Healthcare, Versant Ventures and U.S. Venture Partners among backers, its website shows.
The offering was led by Bank of America Corp. and Morgan Stanley. Inari is trading on the Nasdaq Global Select Market under the symbol NARI.
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