Denali climbs after $250M IPO

Denali Therapeutics Inc. (NASDAQ:DNLI) jumped $3.45 (19%) to $21.45 in its first day of trading Friday after it raised $250 million through the sale of 13.9 million shares at $18 in an IPO. Underwriters were Goldman Sachs, Morgan Stanley, JPMorgan and Evercore ISI. The price is at the midpoint of Denali's proposed $17-$19 range and values the neurodegenerative disease company at $1.6 billion.

The company filed in November to raise up to $100 million in the IPO. Last week, it hoped to sell 8.3 million shares at $17-$19. At the $18 midpoint, a sale of that many shares would have raised $150 million (see BioCentury Extra, Nov. 14 & Nov. 27)...