The exoskeleton developer for paraplegics now has a market cap of $417 million.
ReWalk Robotics Ltd.(Nasdaq:RWLK) (formerly called Argo) saw its share price rise a further 45.12% yesterday on Nasdaq to $37.15, giving it a market cap of $417 million.
The company, which has developed US Food and Drug Administration (FDA) approved exoskeletons that enable paraplegics to walk, sold 3 million shares for $12 each at a company value of $136 million on Friday and has now seen its share price triple in just two days of trading.
ReWalk had hoped to sell 3.4 million shares for $14-16. But that disappointment has been more than offset by the tripling in value.
"Renaissance Capital" reports that ReWalk is the fifth IPO this year to see its share price double on its first day of trading but only the first to do so since 2000, after pricing below its estimated range.
Published by Globes [online], Israel business news - www.globes-online.com - on September 16, 2014
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ReWalk management