RayzeBio Inc. (RYZB) has achieved an impressive market valuation of nearly $1 billion with its upsized initial public offering. The California-based radiopharmaceutical company announced that it successfully sold 17.28 million shares in the IPO, surpassing previous expectations of 14.4 million shares. As a result, RayzeBio raised a total of $311.0 million, further contributing to its impressive market value.
The IPO was priced at $18 per share, which is at the upper end of the expected range compared to the initial projection of $16 to $18 per share. Following the IPO, RayzeBio will have an estimated outstanding share count of 55.36 million shares. Based on this calculation, the company’s valuation has soared to a remarkable $995.7 million.
Trading for RayzeBio’s stock is expected to commence on the Nasdaq under the ticker symbol “RYZB” after the market opens on Friday. This move towards an initial public offering comes at a time when investors are showing increasing interest in IPOs. Notably, Arm Holdings PLC experienced a significant surge in stock price following its debut, and the upcoming IPO of Instacart has generated substantial anticipation.
The Renaissance IPO ETF has performed exceptionally well this year, with a 34.6% increase year-to-date, while the S&P 500 has gained 17.3%. These trends highlight the favorable circumstances surrounding RayzeBio’s decision to go public, positioning the company for further success in the dynamic market.