Mauna Kea Technologies announced a successful initial public offering, beating its projections to close at just over $70 million.
The offering closed July 4, right on schedule, and its global placement was more than five times oversubscribed. Trading begins on the NYSE Euronext in Paris today in the form of promises of shares.
The funding will go towards sales support of the Cellvisio platform, a probe-based laser microscope that can examine the inside of any part of the human body in real time. Mauna Kea may also look into some strategic acquisitions, according to a release.
Mauna Kea announced the offering mid-June, estimating that shares would go for between 10.65 euros and 13 euros. The shares ultimately sold for 13 euros each, and the company excercised 100 percent of its extension clause to meet demand. That could bring Mauna Kea’s take to nearly $81 million (56.5 million euros) if the company chooses to follow through with its over-allotment option.
Mauna Kea was founded in 2000 and received the CE Mark and FDA approval for use in the gastrointestinal tract and lungs in 2005.
The company is conducting clinical trials to evaluate Cellvisio for use in indications other than gastrointestinal and lung applications.