CG Oncology valued at $1.75 bln in strong market debut (updated)
25/01/2024 18:52
(Adds background and context on IPO market in paragraphs 2-3)
Jan 25 (Reuters) - Cancer drug developer CG Oncology
CGON.O notched up a valuation of $1.75 billion in its market
debut on Thursday, after its shares jumped 52.6% at the open, as
demand for new listings pick up after a two-year dry spell.
The IPO market is looking for a turnaround in fortunes as
bets of a soft-landing for the U.S. economy rise, after two
sub-par years fueled by the Federal Reserve's aggressive
interest rate hikes and geopolitical pressures.
The Irvine, California-based company debuted at $29 per
share on the Nasdaq, above the upsized offer price of $19
apiece. The firm sold 20 million shares in its offering and
raised $380 million.
(Reporting by Pritam Biswas in Bengaluru; Editing by Pooja
Desai and Shilpi Majumdar)
((Pritam.Biswas@thomsonreuters.com;))