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As IPO queue swells, BioNTech underwhelms in NASDAQ debut

Shares of BioNTech sagged 5% to $14.24 in its first day of trading Thursday after the company priced its IPO amid diminished expectations. The German biotech had hoped to obtain a valuation well above $4 billion, but its offering price suggests a figure of about $3.4 billion.

BioNTech SE (NASDAQ:BNTX) raised $150 million via the sale of 10 million ADSs at $15, the bottom end of its $15-$16 proposed range. In a Sept. 24 prospectus,

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