SoftBank-backed Neumora bags $2.51 billion valuation in lackluster debut (updated)

Neumora Therapeutics

15/09/2023 17:36

(Adds background in paragraphs 2-4)
       Sept 15 (Reuters) - Shares of Neumora Therapeutics
 NMRA.O , which is backed by Amgen  AMGN.O  and Japan's SoftBank
 9984.T , fell in their market debut on Friday, giving the
company a market capitalization of $2.51 billion.
    The Watertown, Massachusetts-based company's shares debuted
at $16.50 per share on Nasdaq, below the offer price of $17
apiece.
    The ongoing surge in listings points to a nascent recovery
in the U.S. IPO market amid growing expectations of a pause in
interest rate hikes by the Federal Reserve.
    Neumora, which is developing drugs for brain diseases,
raised $250 million by selling 14.7 million shares priced at the
mid-point of its previously disclosed range. That gave the IPO a
valuation of $2.58 billion.

 (Reporting by Jaiveer Shekhawat and Pritam Biswas in Bengaluru;
Editing by Shounak Dasgupta)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com))