NEW YORK (CNNfn) - The initial public offering from Wright Medical Group, a orthopedic company, shot up 25 percent in its first day of trade.|
Wright Medical Group gained $3.11 to close at $15.61 on the Nasdaq.
Arlington, Tenn.-based Wright Medical (WMGI: Research, Estimates) raised nearly $94 million late Thursday, when it sold 7.5 million shares at $12.50, the midpoint of its $11.50-to-$13.50 price range, via lead underwriter J.P. Morgan.
The Wright IPO is the first new issue since Monolithic Technology Inc. (MOSY: down $0.29 to $11.21, Research, Estimates), a developer of chip memory technology, which climbed 12 percent on June 28.
Wright Medical makes reconstructive implants for joints like knees, fingers, and hips. After the IPO, Warburg Pincus Equity Partners LP will own a 60.5 percent stake, while the California Public Employees Retirement System (CALPERS) will hold 5 percent.