The IPO class of 2013 continues to amaze, with San Diego’s Tandem Diabetes Care joining the parade as the 48th life sciences company in the United States to go public so far this year, according to Renaissance Capital.
Tandem Diabetes is expected to begin trading on the Nasdaq exchange tomorrow under the ticker symbol TNDM, after the medical device maker expanded the size of its IPO and sold its shares tonight at $15—at the high end of its expected range. The company makes a next-generation insulin pump with a smartphone-like display screen, and raised gross proceeds of $120 million in an initial offering of 8 million shares, according to the institutional research firm Renaissance Capital. When Tandem Diabetes set its price range last week at $13 to $15 a share, the planned offering amounted to 7.1 million shares.
Including Tandem Diabetes, at least five U.S. companies completed their IPOs today. That brings the running tally of IPOs so far this year to 204, and puts 2013 on a record pace unseen since 2007, which had a total of 213 IPOs, according to Renaissance Capital. At least a dozen more deals are still on the IPO calendar for November—which could approach the previous record of 217 IPOs set in 2004.
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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