Vaxxinity to go public with $1.6 billion valuation as downsized IPO priced below the expected range

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Vaxxinity Inc. VAXX, is set to go public Thursday, as the Texas-based biotechnology company’s downsized initial public offering priced below the expected range at $13 a share. The company raised $78.0 million as it sold 6.0 million Class A shares in the IPO. With a total of 125.45 million Class A and Class B shares expected to be outstanding after the IPO, the pricing values the company at about $1.63 billion. The company had previously planned to offer 6.7 million shares in the IPO, which was expected to price between $14 and $16 a share. The stock is expected to trade on the Nasdaq some time after the open under the ticker symbol “VAXX.” BofA Securities, Jefferies and Evercore ISI are the lead underwriters. Vaxxinity recorded a net loss of $58.6 million on revenue of $17,000 during the six months ended June 30, after a loss of $10.8 million on $440,000 in revenue in the same period a year ago. The company is going public at a time that the Renaissance IPO ETF IPO, -2.98% has gained 2.8% over the past three months while the S&P 500 SPX, -0.82% has tacked on 4.5%.

This article was originally published by Marketwatch.com. Read the original article here.

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