Treace Medical Concepts Inc. upsized its initial public offering as its stock was priced April 22, with existing investors selling more shares.
The Ponte Vedra-based company, which makes devices for bunion surgery, said it is selling 11.25 million shares at $17 each.
The offering consists of 6.25 million new shares and 5 million shares sold by existing stockholders. Its previous registration statement said existing stockholders would sell 3.125 million shares.
The previous statement said Treace Medical was seeking to price the shares at $15 to $17 each. With the stock getting priced at the top of its range and more shares being sold, it indicates the IPO was well received by Wall Street.
The stock jumped higher when trading began on the Nasdaq Global Select Market at midday April 23, opening at $24.50. It trades under the ticker symbol “TMCI.”
Treace Medical was founded in 2013 as a medical device consulting company and began focusing on the foot and ankle market in early 2014, according to its SEC filings.
The company’s headquarters office is at 203 Fort Wade Road in the Nocatee area of Ponte Vedra. It had 133 employees as of Dec. 31, the filings said.
Treace Medical has been growing, with revenue rising 46% to $57.4 million in 2020 despite limits on elective surgery during the COVID-19 pandemic.
Founder and CEO John Treace will remain the largest shareholder after the IPO. The company said in an April 19 filing that Treace was selling 2.4 million shares of his stake in the company but still would own 13.7 million, or 30.6% of outstanding shares, after the IPO.
The company did not say if Treace is selling more of his shares as it increased the size of the IPO.
Treace Medical said gross proceeds from the IPO, before underwriting expenses, will be about $106.3 million.