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ARTICLE | Financial News

Modest first-day pop for Arcus after upsized $120M IPO

March 15, 2018 5:49 PM UTC

Arcus Biosciences Inc. (NYSE:RCUS) climbed $2.08 (14%) to $17.08 on Thursday after raising $120 million through the sale of 8 million shares at $15 in an upsized IPO underwritten by Citigroup, Goldman Sachs and Leerink. The IPO price valued Arcus at $638.3 million; it ended the day with a market cap of $726.8 million.

Last week, Arcus proposed to sell 7.1 million shares at $13-$15. At the $14 midpoint, a sale of that many shares would have raised $99.4 million and valued Arcus at $583.1 million...

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Arcus Biosciences Inc.