Newly public Monogram Orthopedics (NASDAQ:MGRM) stock soared as high as 317% Friday in the wake of a $17M initial public offering.
Shares of Monogram opened at $38, hitting an early high of $48.99 before sliding to a low of $15.30. The shares were trading up 50% at $17.59 around 11:15 a.m. ET.
Monogram shares debuted on Thursday, ending their first session 62% higher than their IPO price. The company had offered 2.4M shares at $7.25 per share to raise around $17M.
The medical device maker went public via a Regulation A+ IPO, a type of offering created under the JOBS Act to give small companies better access to capital. Other Reg A+ IPOs include Chicken Soup for the Soul Entertainment (CSSE) and Knightscope (KSCP).
Based in Austin, Texas, Monogram is a developer of orthopedic implants, tissue ablation tools, robotic surgical equipment and related software.
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