Globus Medical shares rise in market debut

Stock Market Predictions

(Global Markets) - Globus Medical Inc's (GMED.N) shares soared in their market debut a day after the spinal implant manufacturer priced its offering at the low end of an already slashed price range.

Shares of the company closed up 13 percent at $13.50 on the New York Stock Exchange.

Earlier in the day, they rose as much as 22 percent to touch a high of $14.63.

The company sold 8.3 million Class A common shares at $12 per share.

The Audubon, Pennsylvania-based company cut both the number of shares it expected to sell and their expected price range on Thursday.

It had initially expected to sell 11.8 million shares for between $16 and $18 per share.

BofA Merrill Lynch, Goldman Sachs and Piper Jaffray are the underwriters to the offering.

(Reporting by Jochelle Mendonca and Ashutosh Pandey in Bangalore; Editing by Supriya Kurane, Sreejiraj Eluvangal)