After ADC withdraws IPO, three others price offerings

Two of three newly listed companies posted double-digit gains in first-day trading Thursday, but absent from the group was ADC Therapeutics, which withdrew a planned offering that would have been the largest of the four.

If it had priced the proposed 8.2 million shares at $24.50, the midpoint of its range, ADC Therapeutics S.A. would have raised $200 million and been valued at $1.8 billion. The Swiss antibody-drug conjugate developer cited “adverse market conditions” in a brief statement announcing the withdrawal; it had $182 million in cash at June 30...