Where Parabilis’ massive IPO ranks among biotech debuts on NASDAQ

With a first-day share price gain of 58% on Wednesday, Parabilis is likely to have the largest NASDAQ IPO in history by a pure-play biopharma, if its underwriters exercise their greenshoe option in full.

Parabilis Medicines Inc. (NASDAQ:PBLS) priced its offering late Tuesday at $20, a dollar above the top of its proposed range, to raise $670 million. The company sold 33.5 million shares, just above its most recent proposal of 33.3 million, although it had upsized from 25 million...