Tokai raises $92.7M in upsized IPO

Tokai Pharmaceuticals Inc. (NASDAQ:TKAI) was up $8.76 (58%) to $23.76 on its first day of trading Wednesday after raising $97.2 million through the sale of 6.5 million shares at $15 in an IPO. The IPO price valued the company at $327.6 million. BMO Capital Markets Corp; Stifel; William Blair; and Janney Montgomery Scott are underwriters.

Earlier this month, Tokai said it planned to sell 5.4 million shares at $13-$15. At $14, the offering would have raised $75.6 million. ...