BUZZ-Wellington-backed Beta Bionics jumps over 40% in cracking Nasdaq debut

Updates

Shares of insulin delivery device maker Beta Bionics BBNX.O jump as much as 44.1% in their Nasdaq debut; last up 39% at $23.5

Stock opens for trading at $22, valuing the Irvine, California-based company at $943.6 mln

BBNX sold 12 million shares, 60% more than initially offered, at the top end of its marketed range of $16 to $17 to raise $204 mln

IPO was twice upsized and follows medical device maker CeriBell's CBLL.O strong debut last year, underscoring a gradual recovery in medtech listings

BBNX's strong show comes in the aftermath of underwhelming debuts by major IPO candidates, including LNG exporter Venture Global VG.N and pork producer Smithfield Foods SFD.O

BofA Securities, Piper Sandler, Leerink Partners, Stifel and Lake Street were the underwriters for the offering

Asset manager Wellington Management, an existing Beta shareholder, had agreed to purchase $17 mln worth of the company's shares in a concurrent private placement at the IPO price