908 Devices stock more than doubles on its public debut

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Shares of 908 Devices Inc. more than doubled on their public debut, as the Massachusetts-based biochemical analysis device company’s stock opened 127.6% above the upsized initial public offering’s price. The company sold 6.5 million shares at an IPO price of $20.00 a share to raise $130 million, up from plans to offer 6.25 million shares earlier this week. The IPO’s pricing was above the expected range, which was raised to between $18 and $19 a share on Thursday from an expected range of between $15 and $17 a share on Monday. With 25.95 million shares outstanding after the IPO, the pricing valued the company at $519.0 million. The stock’s first trade was at $25.51 at 11:42 a.m. Eastern for 646,003 shares. It has extended gains since it opened to trade recently up 143.4% at $48.69. The company went public at a time of strong investor interest in IPOs, as witnessed by the Renaissance IPO ETF’s surge of 33.5% over the past three months, while the S&P 500 has gained 11.5%.
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