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ShockWave Medical closes $111.4M IPO, raises $10M from Abiomed

ShockWave Medical Inc. closed its IPO with about $111.4 million in gross proceeds.

The Santa Clara, Calif.-based medical device company offered 6,555,000 common shares at $17 apiece. The total shares offered included 855,000 shares bought by underwriters as part of their option to buy additional shares.

ShockWave's common shares are listed on the Nasdaq Global Select Market under the symbol SWAV.

The company intends to use the net proceeds to sell and market its intravascular lithotripsy system developed for treating peripheral artery disease, in which narrowed arteries reduce blood flow to the legs. The funds will also be used for research and development, working capital and general corporate purposes.

Morgan Stanley and Bank of America Merrill Lynch served as joint lead book-running managers, while Wells Fargo Securities and Canaccord Genuity acted as co-managers for the IPO.

Parella Weinberg Partners acted as an independent capital markets adviser.

In addition, ShockWave's existing shareholder, Abiomed Inc., exercised its option to buy an additional 588,235 shares at $17 apiece for about $10 million in a concurrent private placement.