The stock opened at $12 per share, below the $13-$15 range expected for shares of the California stent graft maker. The stock closed at $13.79 today, and slipped 2.8% to $13.40 in after-hours.
Trivascular announced last month that it hoped to raise as much as $98 million from its IPO, but at $12 per share the sale of 65 million units of stock will top out around $78 million before any over-allotments.
The Santa Rose, Calif.-based medical device company has said it plans to use the proceeds to to repay a $3.5 million promissory note, plus interest, to medtech titan Boston Scientific (NYSE:BSX). Additional funds will go toward sales & marketing efforts, expanded R&D and general corporate operations.
Trivascular’s Ovation stent graft which won FDA approval in October 2012 and has been on the European market since landing CE Mark approval in August 2010.