Aduro's market cap surges to $2.5B after upsized IPO

Aduro Biotech Inc. (NASDAQ:ADRO) gained $25 (147%) to $42 in its first day of trading Wednesday after raising $144 million in an IPO and concurrent private placement.

Aduro raised $119 million in its upsized IPO through the sale of 7 million shares at $17. The price valued the company at $1 billion and it ended the day with a market cap of $2.5 billion. Last week, Aduro proposed to sell 5 million shares at $14-$16 in the offering underwritten by BofA Merrill Lynch; Leerink Partners; William Blair; and Canaccord Genuity. ...