Avidity Biosciences Boosts IPO Size, Expected Price Range

Avidity Biosciences Inc., a preclinical-stage biopharmaceutical company backed by Eli Lilly & Co., Thursday raised the size and expected price range of its planned initial public offering.
The La Jolla, Calif., company said it now plans to offer 12 million shares at $17 to $18 apiece in the IPO, up from previous plans to sell 10 million shares at $14 to $16 each.
At the $17.50 midpoint of the new price range, Avidity said it expects net proceeds of about $192.4 million, or roughly $221.6 million if the underwriters exercise an option to buy an additional 1.8 million shares.
Avidity said it will have about 34.8 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a valuation of about $608.1 million at the $17.50-a-share midpoint.

https://www.marketscreener.com/ELI-LILLY-AND-COMPANY-13401/news/Eli-Lilly-and-Avidity-Biosciences-Boosts-IPO-Size-Expected-Price-Range-30756291/