Ribomic falls on first day of trading

Ribomic Inc. (Tokyo:4591) fell Y398 (17%) to Y1,902 in its first day of trading on the Tokyo Stock Exchange's Mothers. Last week, Ribomic raised Y2.8 billion ($25.7 million) through the sale of 1.2 million shares at Y2,300 in an IPO. The price valued the company at Y27.8 billion ($258.3 million). It was the first biotech IPO on the exchange in 2014 (see BioCentury, Sept. 15). ...