Graybug Vision looks to raise up to $80 million as IPO terms set

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Graybug Vision Inc. set terms of its initial public offering, in which the California-based biopharmaceutical company focused on retina and optic never disease treatments looks to raise $79.7 million. The company is offering 4.79 million shares in the IPO, which is expected to price between $15 and $17 a share. With 19.16 million shares outstanding after the IPO, the expected pricing would value the company at up to $325.6 million. The stock is expected to list on the Nasdaq under the ticker symbol “GRAY.” SVB Leerink and Piper Sandler are the lead underwrites. For the six months ended June 30, the company recorded a net loss of $18.5 million on no revenue, after a loss of $19.1 million on no revenue in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has gained 21.0% over the past three months while the S&P 500 has edged up 4.7%.
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