Insulin pump maker Tandem Diabetes Care surges after IPO

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stock brokerage market share listedVenture capital-backed Tandem Diabetes Care surged after its IPO on the Nasdaq exchange, which valued the medical devices company at $15 per share.

Tandem Diabetes Care, which offered 8m shares worth $120m, jumped to nearly $19 in the first two hours of trading. In October AltAssets reported that the company filed to raise $100m via an IPO.

Underwriters including BofA Merrill Lynch, Piper Jaffray, Deutsche Bank Securities and Stifel have an option to acquire a further 1.2m shares.

The company’s backers include TPG Biotechnology Partners, Kearny Venture Partners, Delphi Ventures, Domain Associates and HLM Venture Partners.

Tandem Diabetes’ products include the t:slim insulin pump, which it said is the slimmest and smallest durable insulin pump currently on the market. It is also the first insulin pump with a high resolution, colour touch screen.

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