ShockWave Medical Inc. shares soared by more than 79 percent in its Wall Street debut on Thursday after it raised nearly $97 million in an upsized IPO.
The Santa Clara life sciences company sold 5.7 million shares of common stock for $17 a share. That was about 700,000 more shares than were expected to be sold and above the target price range of between $14 and $16 a share.
It’s shares (NASDAQ:SWAV) traded as high as $31 before closing at $30.50. That gave it a market cap of nearly $800 million at the end of its first day of trading, more than double the valuation it had in its most recent funding round in December.
Shockwave is the third Bay Area life science company to go public this year, extending a run of offerings from the region’s most active IPO sector last year.
Shockwave Medical offers a treatment that clears calcium deposits from the circulatory system with pressure from sonic waves. It uses a technology called intravascular lithotripsy, which has been used to treat kidney stones for years. Its lead device, the M5 IVL catheter, was cleared by the Food and Drug Administration last summer.