Trending

CureVac’s stock debuts nearly triple the IPO price

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%.

RelatedNews

Signup today for free and be the first to get notified of breaking news.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

SIGN UP FOR OUR NEWSLETTER

Sign up for Breaking Alerts, our newsletter putting timely and updated stock and crypto markets news into your hands.

Add New Playlist