ConforMIS Inc. (NASDAQ: CFMS) priced its initial public offering (IPO) of 9 million shares at $15 a share, the midpoint of the expected range, on Tuesday. Shares began trading Wednesday morning at $18 and popped to a high of $20.42 before pulling back. That top marks a 36% jump over the IPO price and a 13% boost from the opening bid.

Joint bookrunners for the offering are JPMorgan and Deutsche Bank. Co-managers are Wells Fargo Securities, Canaccord Genuity and Oppenheimer. The underwriters have a 30-day option to purchase an additional 1.35 million shares.

ConforMIS is a medical technology company that uses a proprietary technology platform to develop, manufacture and sell joint replacement implants that are individually sized and shaped to fit each patient’s anatomy.

The technology includes the use of 3D printing to manufacture what ConforMIS calls iJig Instrumentations, a precise set of sterilized, disposable surgical instruments that come with each implant. ConforMIS claims that this reduces the number of instruments required for an implant and also reduces the steps in the surgical technique.

The company estimates the global market for joint replacement products is $15 billion and reported $48.2 million in revenue for 2014 and $14.7 million for the first quarter of 2015.

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At the $15 per share IPO price, the company raised net proceeds of about $121 million, which it plans to use in the following ways:

• About $9 million to purchase capital equipment to expand manufacturing capacity
• About $59 million for sales and marketing support
• About $26 million to fund research, development and clinical activities
• The remainder targeted for working capital and general corporate purposes

At the end of the noon hour on Wednesday, the stock traded at $18.93, up about 26% above the IPO price.

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