Oct 8 (Reuters) – Iambic Therapeutics, which is backed by Nvidia, is aiming to raise as much as $159.4 million in its US IPO, a regulatory filing showed on Thursday, as biotech companies remain a bright spot in an otherwise subdued IPO market.
At the top of the proposed price range, the initial public offering would value the drugmaker at up to $805.8 million, based on its outstanding shares listed in the filing.
Here are some details:
• The fall IPO market has been hit by a string of delays as rising Treasury yields and stock market volatility make investors more cautious about new listings.
• Concerns over an overheating AI trade and persistent geopolitical tensions have further dampened risk appetite, leaving biotech among the few areas of the IPO market still drawing investor interest.
• The company is aiming to sell roughly 9.38 million shares, priced between $15 and $17 apiece.
• Founded in 2019 as Entos, Iambic is advancing a pipeline of drug candidates developed using its AI platform to treat solid tumors.
• Iambic said investment firms ARK Investment Management and Duquesne Family Office have indicated interest in purchasing shares worth $60 million in the offering.
• J.P.Morgan, Jefferies, BofA Securities and Citigroup are the lead underwriters of the offering.
• It is aiming to trade on the Nasdaq under the ticker symbol “IAM” after the deal closes.
(Reporting by Manya Saini in Bengaluru; Editing by Maju Samuel)
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