Monday, July 29, 1996
Pricing deals in this tepid market is a bit like a Dutch auction. In addition to the scaled down Calypte IPO (see below), Agouron (AGPH) last week closed its 2.5 million share offer at $30, but when it announced the offering in June, the stock was trading at about $40. AGPH raised $75 million, but the difference, on paper, still amounts to $25 million. The stock was off $7.75 on the week to $30.50.
NEW TO MARKET: Calypte Biomedical (CALY) closed at $7 Friday, $1 above its IPO price earlier in the week. But the deal also left a goodly amount on the table. CALY raised $13.8 million through the sale of 2.3 million shares at $6. In May, the developer of a urine