Global Blood surges after $120M IPO

Global Blood Therapeutics Inc. (NASDAQ:GBT) jumped $23.11 (116%) to $43.11 in its first day of trading Wednesday after raising $120 million through the sale of 6 million shares at $20 in an IPO underwritten by Morgan Stanley; Goldman Sachs; Cowen; and Wedbush PacGrow. The offering price valued the company at $556.2 million; Global Blood ended the day with a market cap of $1.2 billion.

Late last month, Global Blood said it hoped to sell 6 million shares at $16-$18. At the midpoint, the company would have raised $102 million and been valued at $472.7 million. The company filed earlier in July to raise up to $115 million. ...