City Therapeutics Raises $200M in Upsized IPO at $18/Share
Summary
City Therapeutics priced its upsized IPO at $18 per share, selling 11.1 million shares for roughly $200 million in gross proceeds. The deal was upsized, indicating stronger-than-expected demand from institutional investors. The company granted underwriters a 30-day option to purchase up to an additional 1.7 million shares at the IPO price. The stock is expected to begin trading on the Nasdaq Global Market on Oct. 16 under the ticker symbol CTY, and the offering is expected to close Oct. 19. As a newly public biotech, the company now has fresh capital to fund its pipeline, though the market will scrutinize how it deploys the proceeds; watch the first-day open for pricing relative to the $18 offer price.
This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.