Aftermarket pop for 89bio following delayed IPO

NASH company 89bio may have been late to the market in pricing its IPO, but the biotech managed to upsize its offering while pricing at the midpoint of its proposed range. Demand persisted in Monday’s session, when its shares climbed $4.80 (30%) to $20.80 in its first day of trading.

San Francisco-based 89bio Inc. (NASDAQ:ETNB) raised $84.9 million through the sale of 5.3 million shares at $16 in an offering announced early Monday, giving it a valuation of $207.9 million. The company upsized the offering from proposed terms in which it hoped to sell 4.4 million shares at $15-$17; at the midpoint, it would have been valued at $193 million...