ArriVent posted modest gains during its first day of trading Friday, rising 11% to close at $20. The oncology company became the second biotech to make its public debut this year after raising $175 million in an IPO late Thursday.
ArriVent follows closely behind CG Oncology, which raised $380 million Wednesday in its massively upsized IPO and nearly doubled its share price during its first day of trading. For more, see Vital Signs: CG Oncology breaks into the top ten.
ArriVent’s offering, however, was mostly in-line with the terms it initially proposed on Monday. The company sold 9.7 million shares at $18, the midpoint of its range. The amount sold was slightly bumped-up from the originally proposed 8.3 million shares, giving ArriVent a market capitalisation of about $575 million.
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