Tandem Diabetes prices $120M IPO

November 14, 2013 by Brad Perriello

Tandem Diabetes Care prices its 8-million-share initial public offering at $15 per share.

Tandem Diabetes prices $120M IPO

Tandem Diabetes Care is set to begin trading on the NASDAQ stock exchange today after pricing its initial public offering of 8 million shares at $15 each, the upper end of its initial range.

The amount the company actually raised could be higher than the $120 million pricing due to a 1.2 million-share over-allotment for the offering's underwriters, which if exercised would push the raise to $138 million. Shares are expected to begin trading today under the TNDM symbol.

San Diego-based Tandem said the offering is expected to run until Nov. 19. The company, which makes the the touch-screen t:slim insulin delivery system, 1st estimated that the offering would raise $120 million when it filed for the IPO last month.

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The t:slim device won FDA clearance in November 2011. Tandem calls t:slim the "slimmest and smallest durable insulin pump on the market," touting it as being designed to slide easily into a pocket.