LDR Holding shares rise after IPO raises $75MOctober 9, 2013 @ 9:00 am
NEW YORK (AP) - Shares of LDR Holding climbed Wednesday after the surgical implant maker's initial public offering raised $75 million before expenses.
LDR Holding Corp. said it sold 5 million shares for $15 a share, which was at the midpoint of its estimates. The stock surged $4.52, or 30 percent, to $19.52 in midday trading, and earlier traded as high as $19.68.
The Austin, Texas, company sells proprietary surgical implants for treating spine disorders. Its shares are now trading on the Nasdaq Stock Market under the ticker symbol "LDRH."
The underwriters of the IPO will have an option to buy another 750,000 shares to cover any over allotments.
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