PMV Pharma sets IPO terms to be valued at up to $694.5 million

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PMV Pharmaceuticals Inc. set terms for its initial public offering, in which the oncology company looks to raise up to $132.3 million. The New Jersey-based company is offering 7.35 million shares in the IPO, which is expected to price between $16 and $18 a share. With 38.58 million shares to be outstanding after the IPO, the pricing values the company at up to $694.52 million. The stock is expected to list on the Nasdaq under the ticker symbol “PMVP.” Goldman Sachs, BofA Securities, Cowen and Evercore ISI are the lead underwriters. For the six months ended June 30, the company recorded a net loss of $15.2 million on no revenue after a loss of $12.1 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 rallied 20.7% over the past three months while the S&P 500 has gained 7.2%.
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