Synthetic biology company Absci Corporation began trading on the Nasdaq Global Select Market today under the symbol “ABSI”. The firm’s initial public offering is looking to raise US$200.0 million and is expected to close on July 26, 2021.
The offering consists of 12,500,000 common shares selling at US$16.00 per share. This puts the company valuation at approximately US$1.5 billion.
The company granted a 30-day over-allotment option to purchase additional 1,875,000 common shares at the same IPO price, potentially bringing total offering proceeds up to US$230.0 million. J.P. Morgan, Credit Suisse, BofA Securities, Cowen, and Stifel are all acting as joint bookrunners for the said offering.
The Washington-based biopharma company uses technology to develop the potential role of proteins in therapeutics.
Information for this briefing was found via Sedar and Absci. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.