Bain-backed Kestra Medical jumps 35% in cracking Nasdaq debut

Shares of medical device maker Kestra Medical Technologies KMTS.O open 35% above the offer price in their Nasdaq debut

Stock opens at $22.95, compared to the $17 IPO price, giving the Kirkland, Washington-based company a $1.14 billion market cap

KMTS, backed by buyout firm Bain Capital, sold about 11.9 mln shares in its upsized offering, 19% more than initially offered, and above its marketed range of $14 to $16 apiece to raise $202 mln

Listing marks first notable March IPO and third medical device maker flotation in New York since October

KMTS competes in the wearable cardioverter defibrillator market, which has been dominated by Zoll Medical

BofA Securities, Goldman Sachs and Piper Sandler were the lead bookrunners for the offering