Praxis Precision sets IPO terms, to be valued at up to $615 million

/ / News

Praxis Precision Medicines Inc. set terms for its initial public offering, in which the Massachusetts-based biopharmaceutical company developing treatments for central nervous system disorders looks to raise up to $133.2 million. The company is offering 7.4 million shares in the IPO, which is expected to price between $16 and $18 a share. With 34.15 million shares expected to be outstanding after the IPO, the company could be valued at up to $614.7 million. The stock is expected to list on the Nasdaq under the ticker symbol “PRAX.” Cowen, Evercore ISI and Piper Sandler are the lead underwriters. For the six months ended June 30, the company recorded a net loss of $19.9 million on no revenue, after a loss of $17.5 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 22.9% over the past three months while the S&P 500 has gained 9.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.