Armo raises $128M IPO

Armo BioSciences Inc. (NASDAQ:ARMO) raised $128 million on Jan. 25 through the sale of 7.5 million shares at $17 in an upsized IPO underwritten by Jefferies, Leerink Partners, BMO Capital Markets and Baird. The IPO price valued Armo at $497.7 million.

On Jan. 16, Armo proposed to sell 6.7 million shares at $14-$16. At the $15 midpoint, a sale of that many shares would have raised $100 million and valued Armo at $426.2 million. The company initially proposed on Dec. 29 to raise up to $86.3 million...