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Israel's InMode closes $70M IPO on Nasdaq

Israel's InMode Ltd. raised gross proceeds of $70 million from its IPO on the Nasdaq, which was priced at the low end of its previously disclosed range.

The company sold 5 million common shares at $14 apiece. Underwriters have an option to buy up to an additional 750,000 ordinary shares.

The medical device manufacturer's shares started trading on the Nasdaq Global Select Market under the symbol INMD on Aug. 8.

InMode, formerly known as Invasix, develops energy-based, minimally invasive surgical aesthetic and medical treatment platforms for face and body contouring, medical aesthetics and women's health.

The company previously said it would use the net proceeds to hire additional sales and marketing personnel, expand global sales and marketing programs and fund research and development activities, as well as for potential acquisitions.

Barclays Capital Inc. and UBS Investment Bank acted as the representatives of the underwriters and joint book-running managers, with Canaccord Genuity LLC as lead manager and Robert W. Baird & Co. Inc. as co-manager for the offering.