Praxis Precision Medicines upsizes IPO by 35%, now looks to raise up to $180 million

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Praxis Precision Medicines Inc. has increased the number of shares it plans to sell in its initial public offering by 35%, as the Massachusetts-based biopharmaceutical company developing treatments for central nervous system disorders now looks to raise up to $180.0 million. The company disclosed that it is now offering 10.0 million shares, up from the 7.4 million shares it said it was offering last week. The IPO is now expected to price between $17 and $18 a share, up from $16 and $18 a share last week. The company is now expected to be valued at up to $661.5 million, as it also raised the expected number of shares outstanding to about 36.75 million shares from 34.15 million shares. The company is looking to public at a time that the Renaissance IPO ETF has rallied 27.7% over the past three months, while the S&P 500 has gained 7.0%.
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