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

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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