CardioNet Inc. (NASDAQ: BEAT) priced its 4.5 million share IPO at a price of $18.00 per share. The San Diego, California-based provider of real-time patient heart monitoring systems had originally set the range at $20.00 to $22.00, but later reduced its range to $18.00 to $20.00.
So this deal priced at the bottom of a lowered trading range, and it did it after a huge rally day on Wall Street. That won’t initially excite traders, even if the products are good from the company.
Citigroup, Lehman Brothers, Leerink Swann and Thomas Weisel Partners were the underwriters for the offering.
So far shares have traded over 1 million shares and the last trade seen was $17.80.
Jon C. Ogg
March 19, 2008