Lumenis Ltd. today priced its initial public offering at $12 per share, 20% under the low end of the prior $15-$17 range set by the Israeli maker of medical lasers.
Lumenis shares, trading under the "LMNS" symbol on the NASDAQ exchange, opened up 4.2% at $12.50 today and were fetching $13.05 apiece as of about 11:20 a.m., up 8.8%.
Lumenis had said it planned to sell 6.25 million shares at $15 to $17 apiece in the IPO, which instead launched today at the $12 price.
When Yokneam, Israel-based Lumenis announced the IPO in December 2013, it said it hoped to bring in as much as $115 million.
In November 2013, Lumenis won clearance in the U.S. and Japan for its Array LaserLink pattern scanning device for multi-spot retinal laser treatment. Earlier in 2013, the FDA slapped the company with a Class I recall of its VersaCut morcellator.