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CinCor Pharma raised $194 million as upsized IPO prices in middle of expected range

29093 cincor pharma raised 194 million as upsized ipo prices in middle of expected range

CinCor Pharma Inc. CINC, is set to go public on the Nasdaq Friday, after the Massachusetts-based biopharmaceutical company’s upsized initial public offering priced overnight at $16 a share, in the middle of the expected range of between $15 and $17 a share. The company raised $193.6 million as it sold 12.1 million shares in the IPO, up from previous expectations of an 11.0 million share offering. The IPO pricing values the company at about $566.7 million. Morgan Stanley, Jefferies and Evercore ISI are the joint book-running managers of the IPO, and Oppenheimer is the lead manager. The company is going public at a time of relative investor disdain for IPOs, as the Renaissance IPO ETF IPO, +0.12% has tumbled 19.2% over the past three months while the S&P 500 SPX, -0.10% has gained 6.7%.

Source: Marketwatch

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