Shares of CureVac BV CVAC, +249.37% blasted off in their public debut Friday, as they opened at nearly triple the $16 initial public offering price. The Germany-based clinical stage biotechnology company raised $213.3 million in the IPO, which was priced at the top of the expected range of $14 to $16 a share, and valued the company at about $2.82 billion. The stock’s first trade was at $44 at 12:17 p.m. Eastern for 1.2 million shares. The stock has pared some gains since, to trade up 141%. BofA Securities, Jefferies, Credit Suisse were joint bookrunners on the deal, with Berenber and Kempen & Co. acting as co-managers. The company had recorded a net loss of EUR23.9 million ($28.2 million) on revenue of EUR3.12 million for the three months ended March 31, after a loss of EUR21.3 million on revenue of EUR3.16 million in the same period a year ago. The company went public at a time that the Renaissance IPO ETF IPO, -0.94% has rallied 29.9% over the past three months while the S&P 500 SPX, -0.01% has advanced 18.3%.
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