ReWalk Robotics (NSDQ:RWLK) priced its initial public offering below its forecast range, at $12 per share, grossing some $36.0 million for its exo-skeleton suit.
ReWalk, formerly known as Argo Medical Technologies, initially forecast a range of $14 – $16 per share for the 3.4-million-share IPO. That would have raised $47.6 million to $54.4 million; instead, at $12 apiece for 3 million shares, the offering brought in $36 million, according to a regulatory filing.
ReWalk in June won pre-market approval from the FDA for its eponymous device for patients with spinal cord injuries. It’s designed to help people with paraplegia restore self-initiated walking. The company has a rehabilitation model for use in clinics and the newly approved personal model indicated for all-day use.
The personal system is battery-powered and features an array of sensors and motors that detect the wearer’s movement and assist in standing up, sitting down, and upright walking. ReWalk plans to use the proceeds from its IPO to pay for general corporate activities, including sales and marketing for its flagship system and for efforts to pursue new indications and new models. The company also indicated that it may be looking to acquire or invest in complementary technologies.
ReWalk said in the filing that its net proceeds from the IPO amounted to $31.1 million. That amount jumps to $36.1 million if the underwriters pick up a 450,000-share over-allotment option, ReWalk said.
RWLK shares were trading at $13.29 apiece as of about 11:20 a.m. Eastern today, up 10.8%.