Enzymotec IPO prices at $14 a share, below range

AP News
Posted: Sep 27, 2013 11:31 AM

NEW YORK (AP) — Enzymotec shares soared Friday on their first day of trade as investors snapped up shares of the medical foods maker.

The Israel company sold 4.4 million shares for $14 each. It had expected the shares to price between $16 and $18.

Its shares picked up 23 percent, or $3.20, to $17.20 in morning trading while the broader markets slumped.

Enzymotec Ltd. develops lipid-based nutritional ingredients and medical foods. It plans to use proceeds of $54.9 million for working capital.

The underwriters have the option to buy another 661,800 shares in case of excess demand.

The stock is listed on the Nasdaq Global Select Market under the ticker symbol "ENZY."