RayzeBio Inc.
RYZB,
has secured a near-$1 billion market valuation, as the California-based radiopharmaceutical company’s upsized initial public offering priced at the top end of the expected range. The company said it offered 17.28 million shares in the IPO, up from previous expectations of 14.4 million shares, to raise $311.0 million. The IPO priced late Thursday at $18, compared with previous expectations of a pricing between $16 and $18 a share. With 55.36 million shares outstanding expected after the IPO, the pricing values RayzeBio at $995.7 million. The stock is expected to begin trading on the Nasdaq after Friday’s open under the ticker symbol “RYZB.” The company is going public at a time of growing investor interest in IPOs, as semiconductor-design company Arm Holdings PLC’s stock
ARM,
soared on its debut and as grocery-delivery app Instacart
CART,
raised the expected pricing range of its IPO. The Renaissance IPO ETF
IPO,
has run up 34.6% year to date while the S&P 500
SPX,
has gained 17.3%.
