Updated
Updated · Bloomberg · Jun 18Kardigan Shares Rise Nearly 2% in Nasdaq Debut After $400 Million IPO
3 articles · Updated · Bloomberg · Jun 18Summary
- Kardigan opened at $16.25 on Nasdaq, up nearly 2% from its $16 IPO price in its first day of trading.
- The debut followed a $400 million offering that gave the heart-health biotech a market value of nearly $1.5 billion based on outstanding shares.
- Kardigan sold 25 million shares in the IPO, pricing at the top of its marketed $14-to-$16 range after upsizing the deal from 23.3 million shares.
Insights
After its $400M IPO, will Kardigan become the next Gilead or a quick acquisition for big pharma? Will Kardigan’s AI platform deliver functional cures or just fuel another biotech market bubble? Does this IPO signal a true biotech resurgence, or are investors just chasing de-risked assets?