Big post-IPO gain for CureVac could presage volatile aftermarket

CureVac’s valuation continued to rise on its first day of trading Friday after the company’s IPO, more than tripling to nearly $9.9 billion at close. That’s greater than five times its private valuation last month.

The German developer of mRNA-based therapeutics and vaccines raised $213.3 million at a $2.8 billion valuation, floating a relatively small percentage of the company’s equity compared with most biotech listings. After selling 13.3 million shares at $16, the top end of its proposed range, CureVac N.V. (NASDAQ:CVAC) gained $39.90 (249%) to $55.90...