BioCentury
ARTICLE | Financial News

Intercept raises $75M in IPO

October 12, 2012 12:30 AM UTC

Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) jumped $4.40 (29%) to $19.40 in its first day of trading on Thursday after raising $75 million in a bumped-up IPO. The company sold 5 million shares at $15, valuing the company at $236 million. In September, Intercept said it planned to sell 4.3 million shares at $13-$15 per share. At the $14 midpoint and 4.3 million shares, Intercept would have raised $60.2 million and been valued at $210.5 million. BofA Merrill Lynch; BMO Capital Markets; Needham; Wedbush; and ThinkEquity were underwriters. ...