UPDATE: Tandem Diabetes shares close 28% above IPO price

November 14, 2013 by Brad Perriello

Shares of Tandem Diabetes Care close 28% above their $15 offering price in their 1st day of public trading.

UPDATE: Tandem Diabetes shares close 28% above IPO price

Shares of Tandem Diabetes Care (NSDQ:TNDM) closed up some more than 28% above their offering price today after the medical device company's initial public offering debuted on the NASDAQ exchange.

TNDM shares opened at $19.40 apiece, 29.3% ahead of the $15-per-share price Tandem assigned yesterday, peaked at $20.20 before subsiding to a $19.21 close. Some 4.0 million shares changed hands, half of the total 8 million shares Tandem plans to offer.

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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.

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.

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