Seaport Therapeutics Inc. set its initial public offering (IPO) terms on Thursday, detailing the deal in a pricing of its upsized IPO that values shares at $18 each.
The clinical-stage biotech firm said the IPO covers 14.16 million shares, with all shares being offered by the company.
Seaport said the $18 price is at the high end of the expected range and implies gross proceeds of about $254.9 million before underwriting fees and other offering costs.
The company also provided underwriters a 30-day window to purchase up to 2,124,000 additional shares at the IPO price, minus discounts and commissions.
A Strategic Market Move
The company said its shares are slated to start trading on the Nasdaq Global Select Market on Friday under the symbol SPTX. Seaport also expects the transaction to settle on Monday, May 4, assuming customary closing requirements are met.
Seaport described itself as focused on creating and advancing treatments aimed at neuropsychiatric conditions. The company is based in Boston.
What Does $255 Million Mean For Biotech?
The size of the raise gives Seaport fresh capital as it advances studies in a category where trials can be expensive, and timelines are long. For investors, the pricing provides another data point on how the market is valuing early-stage neuropsychiatry pipelines.
Goldman Sachs, J.P. Morgan, and Leerink Partners are serving as underwriters on the transaction.
IPO Market Is Growing
This development comes amid a growing IPO market. X-Energy Inc. (NASDAQ:XE) made its public market debut on April 24. The shares of XE opened at $30.11, a 31% increase from its IPO price of $23. This strong performance follows X-Energy’s upsized offering that raised approximately $1.02 billion.
Aevex Corp. (NYSE:AVEX), which raised $320 million by selling 16 million shares at $20 each, surged 35% on its NYSE debut on April 17. The overwhelming demand for Aevex’s offering, reportedly oversubscribed multiple times, reflects a significant shift towards investments in companies that support military capabilities.
SoftBank is also positioning itself for significant market moves, planning a 2026 IPO for its new venture, Roze AI, which aims to integrate autonomous robotics in data center construction. The company targets a valuation of up to $100 billion and has engaged KPMG to prepare the financials necessary for the public offering.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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