Inspire Medical Systems Goes Public
The medical technology company Inspire Medical Systems, Inc. (NYSE: INSP) went public Thursday on the New York Stock Exchange.
What Happened
The company issued 6.75 million shares priced at $16 each. Initially, it had plans to file for 5 million shares. Inspire Medical Systems was founded in 2017 as a spinoff from Medtronic PLC (NYSE: MDT) and offers the first and only FDA-approved neurostimulation technology to treat sleep apnea.
Why It's Important
Inspire Medical Systems raised $108 million in its IPO after it managed to price its shares at $16. The stock opened for trading 53 percent higher at $24.49.
What's Next
The company has granted underwriters a 30-day option to purchase up to 1,012,500 additional shares of its common stock at the IPO price, less underwriting discounts and commissions. The offering is expected to close on May 7.
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Photo courtesy of Inspire Medical Systems.
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