Beta Bionics began trading on Thursday after filing to go public in early January.
The diabetes technology firm raised $204 million in an upsized initial public offering. Beta Bionics priced 12 million shares at $17. By Friday morning, shares were trading at $23.50, according to Yahoo Finance.
Last week, the company expected to raise $114.4 million. Beta Bionics is listed on the Nasdaq under the ticker “BBNX.”
Underwriters have a 30-day option to buy an additional 1.8 million shares. Beta Bionics also agreed to sell 1 million shares in a private placement to an existing investor at $17 per share. Beta Bionics expects gross proceeds of $221 million with the IPO and the private placement.
Irvine, California-based Beta Bionics makes an insulin pump called the iLet Bionic Pancreas. iLet users only need to provide a meal announcement, setting it apart from competing automated insulin delivery systems that require more input like carb-counting and manual corrections. iLet received FDA clearance in 2023 for people with Type 1 diabetes.
Beta Bionics had a market cap of $966.2 million as of Thursday, according to Yahoo Finance. The company reported up to $65.8 million in revenue in 2024.
