City Therapeutics Prices Upsized IPO at $18, Opens at $23 on Nasdaq
Photo: TokenPost
City Therapeutics priced its expanded IPO at $18 a share and began Nasdaq trading at $23 Friday, with the clinical-stage drug developer expecting about $200 million in gross proceeds. The IPO included 11,111,111 shares priced at $18 apiece. Expected proceeds are before underwriting discounts, commissions and estimated offering expenses. Underwriters have a 30-day option to buy up to 1,666,666 additional shares. The offering expanded from the 9,722,222 shares in City’s preliminary plan. The final price was the midpoint of the proposed $17-to-$19 range. CTY’s first trade on Nasdaq was $23 at 11:59:36 a.m. ET (15:59:36 UTC) Friday, Oct. 16.
Source: TokenPost
