Biotech company Berkeley Lights (BLI) soared Friday as trading began with an initial public offering that drew heightened interest from institutional investors. The Berkeley Lights IPO priced late Thursday and raised $178.2 million, 41% above initial expectations…
Based in Emeryville, Calif., Berkeley Lights offered 8.1 million shares, revised upward from 7.4 million, at a price of $22 each. That was above its estimated price range of $19 to $20, which was previously set at $16 to $18.
Berkeley Lights stock soared 135%, near 51.60, during afternoon trading on the stock market today.
The company describes itself as “leading digital-cell biology company focused on enabling and accelerating the rapid development and commercialization of biotherapeutics and other cell-based products,” according to the Berkeley Lights IPO filing.
Research and advisory firm IPO Boutique said the Berkeley Lights IPO is “many multiple times oversubscribed.” That means the request for shares among institutional investors far exceeds what’s being made available.
Berkeley Lights IPO Gets Top Rating
On a scale of 1-to-5, IPO Boutique gave the Berkeley its highest rating. That’s a rare event, though not so exclusive this week.
“Due to the extreme demand and hype surrounding this company as well as the hot IPO market, we are electing to upgrade the rating from a 4 to a 5,” IPO Boutique said in a note to clients on Berkeley Lights.
This past week has been a busy and powerful one for initial public offerings. They included…
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