Imagyn Medical’s Initial Offering Tops Expectations
LAGUNA NIGUEL — Imagyn Medical Inc., finding the stock market quite receptive this week, raised $38 million in its initial public offering--$10 million more than planned.
“We were very, very pleased,” said J.C. MacRae, chief financial officer of the Laguna Niguel company, which designs and markets devices for diagnosing gynecological and reproductive disorders.
Investment bankers said the offering was so popular that the number of shares sold was increased by 250,000 from the original target number of 2.5 million. The offering was priced at $15 a share late Wednesday--$2 to $4 a share more than expected.
The stock, which opened Thursday at $17.75 a share, closed Friday at $17.25 in trading on the Nasdaq market.
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