By RayzeBio Inc. (RYZB), a California-based radiopharmaceutical company, has announced the terms for its initial public offering (IPO). The company, which is currently conducting a Phase 3 trial for its tumor treatment, aims to raise approximately $238.2 million.
IPO Details
A total of 14.4 million shares will be offered in the IPO. RayzeBio Inc. plans to offer 13.2 million shares, while a selling shareholder will offer 1.2 million shares. The expected price range for each share is between $16 and $18. If successful, the IPO could value the company at up to $995.7 million.
Ticker Symbol and Listing
RayzeBio Inc. is expected to list on the Nasdaq under the ticker symbol “RYZB.”
Underwriters
The underwriters for the IPO are J.P. Morgan, Jefferies, Evercore ISI, and Truist Securities.
Financial Performance
In the six months ended June 30, RayzeBio Inc. recorded a net loss of $30.6 million, compared to a loss of $33.5 million in the same period last year. However, the company generated no revenue during these periods.
Market Conditions
RayzeBio Inc. plans to go public amidst favorable market conditions. The Renaissance IPO ETF has witnessed a 6.5% rally over the past three months, while the S&P 500 has gained 3.7% during the same period.
Comments