Surface raises $108M in IPO, $11.5M in private placement

Surface Oncology Inc. (NASDAQ:SURF) raised $108 million through the sale of 7.2 million shares at $15 in an IPO on April 19 underwritten by Goldman Sachs, Cowen and Evercore. In a concurrent private placement, Surface raised $11.5 million through the sale of 766,666 shares to existing shareholder the Novartis Institutes for BioMedical Research (NIBR) unit of Novartis AG (NYSE:NVS; SIX:NOVN).

The offering price valued Surface at $414 million. According to a earlier regulatory filing, Surface had hoped to sell 6 million shares at $13-$15 in the IPO. At the $14 midpoint, a sale of that many shares would have raised $84 million in the IPO. Including the private placement, Surface would have been valued at $370.3 million...