Zenas BioPharma shares rise nearly 8% in market debut (updated)

Zenas BioPharma

13/09/2024 17:30

(Adds details on the stock in paragraphs 2-3, U.S. IPO market
in paragraph 4)
       Sept 13 (Reuters) - Shares of Bristol-Myers
Squibb-backed Zenas BioPharma  ZBIO.O  rose nearly 8% in their
Nasdaq debut on Friday, in a sign of recovery for the U.S. IPO
market in 2024 after two subpar years.
    The company's shares began trading at $18.35, up from the
IPO price of $17.
        Zenas BioPharma sold 13.2 million shares in the
offering, upsized from an initial plan of 11.76 million shares.
  
        The U.S. IPO market has shown green shoots in 2024,
buoyed by firming hopes of rate cuts by the U.S. Federal Reserve
and expectations of a soft landing for the economy.
  

 (Reporting by Prakhar Srivastava and Pritam Biswas in
Bengaluru; Editing by Janane Venkatraman and Tasim Zahid)
 ((Pritam.Biswas@thomsonreuters.com;))