ReWalk shares up 13% on first day of IPO
Shares of stock in ReWalk Robotics of Marlborough gained more than 13 percent Friday, the same day the manufacturer of robotic exoskeletons for people with spinal cord injuries launched its initial public offering.
ReWalk, which is trading on the Nasdaq exchange under the symbol RWLK, opened its IPO at $12 a share. The stock traded between $11.50 and $30 on Friday before ending the day at $13.33.
The company’s IPO is for 3 million shares. The offering is expected to close Wednesday, the company said. In addition, underwriters have been granted a 30-day option to purchase up to an additional 450,000 ordinary shares at the IPO price.
ReWalk, formerly Argo Medical Technologies, shares its headquarters between Marlborough and Yokneam Ilit, Israel.
ReWalk filed for its IPO in July, just months after winning federal approval for its home electronic exoskeleton. According to the filing with the U.S. Securities and Exchange Commission, ReWalk intends to use the money for general purposes, including sales and marketing expenditures aimed at growth, as well as research and development expenditures focused on product development.
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