IO Biotech jumps on debut after pricing IPO at bottom end of range

IO Biotech

05/11/2021 16:04

(Updates)
    ** U.S.-listed shares of Denmark-based drug developer
 IOBT.O  open 14% above offer price; co valued at $412 mln 
    ** Stock opens at $16/shr, up from the IPO price of $14/shr;
extends gains later to trade at $16.33/shr
    ** On Thursday, IOBT priced shares at the bottom end of the
$14 to $17 range marketed earlier
    ** Co sold 7.15 mln shares, more than the 6.5 mln shares
planned earlier
    ** IOBT raised $100.1 mln; had earlier aimed to raise up to
$110.5 mln 
    ** Co develops cancer therapies and was established in Dec.
2014; It expects to use IPO proceeds to fund development of its
lead product candidate called IO102-IO103
    ** In the first half of this year, IOBT's net loss widened
to $45.5 mln from $6 mln, as expenses jumped four-fold
    ** Morgan Stanley, Jefferies, Cowen and Kempen & Co are the
underwriters for the offering

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))