Kestra Medical (KMTS.US) priced its IPO at $17/share, resulting in a 28% increase on its first day of trading.

Wearable heart device maker Kestra Medical Technologies (KMTS.US) raised $202M in its IPO by selling 11.9M shares at $17 each, above the $14-$16 range, as the company sold 1.9M more shares than expected. Kestra, which debuted on the Nasdaq on Thursday, March 6, closed its first day up 28.47%.

Kestra is commercializing its heart rehabilitation system platform, an integrated and advanced system that combines monitoring, therapy, digital health and patient support services into a unified solution. The platform's foundation is the ASSURE WCD, a next-generation wearable cardiac defibrillator (WCD) for patients at higher risk of cardiac arrest. As of January 31, 2025, Kestra's system has been adopted by over 550 hospitals in the US (about 20% of WCD-prescribing hospitals nationwide), and over 17,000 patients have used the system since its full commercialization in August 2022.

Bank of America Securities, Goldman, Piper Sandler, Wells Fargo Securities and Stifel are joint bookrunners for the IPO.