GlycoMimetics raises $56 million in IPO
GlycoMimetics Inc. (NASDAQ:GLYC) gained $1.01 (13%) to $9.01 on its first day of trading Friday after raising $56 million through the sale of 7 million shares at $8 in a bumped-up IPO. The $8 price valued the company at $140.4 million. On Tuesday, the company amended its IPO and said it planned to raise $46 million through the sale of 5.8 million shares at $8. Jefferies; Barclays; Stifel; and Canaccord are underwriters (see BioCentury Extra, Jan. 7).
In early November, GlycoMimetics was rumored to have postponed its IPO, and in late December the company filed an S-1A that no longer contained details on the offering, including a share price range or proposed number of shares. In late October, GlycoMimetics had said it planned to sell 4 million shares at $14-$16. At the $15 midpoint, the company would have raised $85 million. ...