Scribe Therapeutics, a clinical-stage gene therapy developer focused on heart diseases, raised $128.7 million in an upsized initial public offering on Thursday. The Alameda, California-based company sold 8.58 million shares priced between $13 and $15 each. On Friday, Scribe's shares surged 67% to open at $25 apiece on the New York Stock Exchange, significantly above the IPO price, according to livemint.com.
The company initially marketed 7.15 million shares at a price range of $13 to $15 but increased the offering to 8.58 million shares due to strong investor demand. The IPO proceeds are expected to fund ongoing clinical trials and expand Scribe’s gene therapy pipeline targeting cardiovascular diseases. The stock's strong debut reflects investor confidence in the company’s technology and growth prospects, as reported by livemint.com.
Scribe Therapeutics’ successful IPO comes amid growing interest in gene therapies for heart conditions, a sector attracting significant capital. Comparable biotech firms have also seen robust market entries recently, highlighting the sector's momentum. The company’s ability to upsell shares and achieve a market valuation boost underscores the appetite for innovative treatments in cardiovascular gene therapy, according to livemint.com.
Scribe Therapeutics’ IPO raised $128.7 million by selling 8.58 million shares, with shares opening at $25 on the NYSE, marking a 67% increase over the IPO price, per livemint.com.