ReWalk Robotics, an Israel-based producer of wearable robotic exoskeletons for people with spinal cord injuries, has closed a $41.4m initial public offering, issuing 3.45 million shares priced at $12.00 each.
The company floated below its $14 to $16 range, initially issuing 3 million shares, fewer than the 3.4 million it had initially planned, before underwriters Barclays Capital, Jeffries and Canaccord Genuity took up an option to acquire a further 450,000 shares.
The proceeds will fund sales and marketing efforts, as well as the development of the next iteration of ReWalk’s exoskeleton.
Industrial component maker Yaskawa Electric remains ReWalk’s second largest shareholder. ReWalk’s largest shareholder is venture capital firm SCP Vitalife Partners, while other significant investors are Israel Healthcare Ventures, Pontifax, OurCrowd and Previz Ventures.
– Photo courtesy of ReWalk Robotics