The South San Francisco-based firm priced its offering at $18 per share, hitting the top of its projected range. Lycia ultimately sold 17.6 million shares, surpassing its initial plan to offer 14.7 million shares at a lower bracket of $16 to $18. After the stock opened at $28.55, it settled into a steady climb, signaling strong appetite for the company's clinical-stage pipeline.
In section Market Quotes
Lycia Therapeutics Shares Surge 32% in Market Debut
Investors pushed Lycia Therapeutics shares to $23.70 on Friday, a 32% gain during the biotechnology firm’s first day of trading. The jump followed an upsized initial public offering that exceeded expectations, effectively securing $317.5 million for the clinical-stage company as it enters the public markets.
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