Graybug Vision Inc. GRAY, +2.59% said early Friday that its upsized initial public offering priced at $16 a share, in the middle of the expected range of $15 to $17 a share.
The California-based biopharmaceutical company focused on retina and optic never disease treatments sold 5.625 million shares in the IPO, up from previous expectations of 4.79 million shares, to raise $90 million. With 19.16 million shares outstanding, the IPO pricing values that company at $306.5 million.
The stock is expected to begin trading Friday on the Nasdaq under the ticker symbol “GRAY.” SVB Leerink and Piper Sandler are acting as joint book-running managers. The company is going public at a time that the Renaissance IPO ETF IPO, -2.48% has gained 20.1% over the past three months while the S&P 500 SPX, +0.29% has edged up 5.3%