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PureTech Health (LSE:PRTC, NASDAQ:PRTC, OTC:PTCHF, FRA:0VQ) said its founded entity, Seaport Therapeutics, has priced an upsized initial public offering in the United States at the top of its target range. The clinical-stage neuropsychiatry company is on course to raise gross proceeds of $254.9 million.
Seaport is selling 14.16 million shares at $18.00 per share, with all shares being offered by the company.
Underwriters have also been granted a 30-day option to buy an additional 2.124 million shares at the IPO price, less underwriting discounts and commissions.
The shares are expected to begin trading today on the Nasdaq Global Select Market under the ticker SPTX. The offering is expected to close on 4 May.
In London, PureTech shareholders saw the share price rise 9.56% to 139.8p.
PureTech is expected to hold around 16.68 million shares of Seaport common stock once the offering closes.
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