The company is launching an upsized offering that includes 10,294,118 shares of PRME stock priced at $17 each. That has it expecting to raise $175 million from the IPO. There’s also an option for underwriters to purchase an additional 1,544,117 shares at the IPO price within 30 days.
J.P. Morgan, Goldman Sachs, Morgan Stanley, as well as Jefferies, are acting as joint book-running managers for the offering. The IPO is set to close on Oct. 24, 2022, so long as customary closing conditions are met.
What Does Prime Medicine Do?
Prime Medicine is focused on CRISPR 3.0, which is a form of gene editing in development. This will make it particularly interesting to investors of biopharmaceutical stocks. Leading the company is founder David Liu, a Harvard biochemist.
Another point investors will want to keep in mind is Prime Medicine’s venture capital funding. To date, the company has raised a total of $315 million this way. The most recent round of funding valued the company at $1.2 billion in April 2021.
IPOs have been a hot topic among traders lately. That means investors might see shares of PRME stock rocket higher following its public debut. Traders will want to keep an eye on the company’s shares in the coming days.
Investors looking for more of the latest stock market news are in luck!
We’ve got all of the most recent stock market news investors need to know about for Thursday! Among that is what has shares of American Rebel (NASDAQ:AREB), Nio (NYSE:NIO), and Chinese EV stocks moving today. You can catch up on all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.