Seaport Therapeutics stock climbed 17% in its Nasdaq $NDAQ trading debut, after the biotech raised about $255 million in an upsized initial public offering.
Shares opened at $21, topping the $18 IPO price. The offering ultimately comprised 14.16 million shares, an increase from the 11.8 million originally put up at a range of $16 to $18. Demand was intense — the listing drew more than 10 times the available shares in orders, Bloomberg reported.
At current levels, the company carries a market value of $1.1 billion.