Medical device company Silk Road Medical (SILK) priced its initial public offering at 20 a share, at the high end of its recently raised expected range. The Silk Road IPO garnered lots of attention from investors, with one IPO research firm giving the company its highest rating. Silk Road stock will start trading Thursday.
Silk Road Medical raised $120 million after selling six million shares. The Silk Road Medical IPO price range was recently raised to 19 to 20 per share from 15 to 17. Silk Road also hiked the number of shares on offer by 28% to 6 million from 4.7 million.
"There is little question that this IPO is the 'deal of the week' and we have been told by the underwriters to manage expectations accordingly," IPOboutique.com said in a note to clients. The IPO research firm rates IPOs on a scale of 1 to 5. It gave Silk Road a rare rating of 5, or "strongest buy," at the IPO price. The last IPO that received a 5 rating was Facebook (FB) in 2012. Glitches marred the Facebook IPO, though.
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