More, please. Structure Therapeutics Inc. (GPCR) shares surged 73.3 percent to close at $26.00 – up $11.00 from their $15.00 IPO price – on Friday (Feb. 3, 2023), their first day of trading on the NASDAQ. Volume today: 1,779,507 shares. Structure defied gravity in terms of the overall trend on Wall Street today. Structure’s stock shot up 67 percent to open at $25.00 – up $10.00 from their $15.00 IPO price – at 11:01 a.m. EST today in their NASDAQ debut. A minute later, the stock popped above $27 to its session high. By 11:27 a.m. EST, Structure Therapeutics’ stock traded at $27.00 – up 80 percent from its IPO price on volume of about 488,000 shares. As it turns out, upsizing the Type 2 diabetes and obesity drug developer’s IPO didn’t hurt at all.
Structure’s bankers added 1.79 million American Depositary Shares (ADS) at pricing – and priced the 10.74-million-ADS deal at $15.00 – the top of its $13.00-to-$15.00 range. (The prospectus had called for 8.95 million ADS.) The upsizing and high-end pricing reflect the strong demand for Structure’s IPO. The increase in the IPO’s size – and Structure’s surge in its opening trade – indicate the hunger of IPO investors for a traditional IPO with enough luster to deliver some dollars right out of the gate.
Jefferies, SVB Leerink, Guggenheim Partners and BMO Capital Markets were the joint book-runners of Structure Therapeutics, Inc.’s IPO.
Mineralys Therapeutics (MLYS proposed) is the next big biotech IPO in the wings. The anti-hypertension drug developer’s IPO is set for pricing late next week. Mineralys Therapeutics plans to offer 10 million shares at $14.00 to $16.00 to raise $150.0 million.
BofA Securities is leading the joint book-runners’ team for the Mineralys IPO. The line-up includes Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse and Wells Fargo.
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