FibroGen surges after upsized IPO

FibroGen Inc. (NASDAQ:FGEN) closed up $4 (22%) to $22 on its first day of trading after raising $145.8 million through the sale of 8.1 million shares at $18 in an IPO on NASDAQ. AstraZeneca plc (LSE:AZN; NYSE:AZN) agreed to purchase $20 million worth of shares at the IPO price in a concurrent private placement. The IPO price valued FibroGen at $1 billion.

In October, FibroGen said it planned to sell 7.1 million shares at $16-$19. At $17.50, the company would have raised $124.3 million and been valued at $974.3 million. Goldman Sachs; Citigroup; Leerink Partners; RBC Capital Markets; Stifel, Nicolaus; and William Blair are underwriters. ...