One of a slew of recent initial public offerings (IPOs), telemedicine services provider American Well (NYSE: AMWL) , did well on Tuesday. Its shares rose by over 8% on the day, easily eclipsing the gains of the wider stock market.
The catalyst for the latest pop seems to be two updates American Well issued about its IPO , one after market hours on Monday, and the other on Tuesday morning.
These revealed that the issue was upsized in both price and volume. Initial investors paid $18 per share, up from the previously anticipated $14 to $16. Just over 47.4 million shares were sold; 35 million was the original plan. Meanwhile, the IPO's underwriters fully exercised their right to buy additional shares (6.2 million, all told).
For further details see:
Why Shares of American Well Trounced the Market on Tuesday