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Biotech company Moderna expects to raise up to around 36 crore in Initial Public Offering


Biotech company Moderna expects to raise up to around 36 crore in Initial Public Offering

New Delhi: Biotech company Moderna Inc recently said it expects to raise up to $521.7 million(Rs 36,39,90,09,000) in its initial public offering, valuing the company at about $7.8 billion(Rs 5,44,20,60,00,000) at the top end of the pricing range.

The company expects its offering of 21.7 million shares to be priced between $22 and $24 per share, Moderna said in a filing.

The company, which develops drugs based on molecules known as messenger RNAs, said it intends to use a major portion of the net proceeds on drug discovery and development.

Founded in 2010, the Cambridge, Massachusetts-based company plans to list on the Nasdaq under the ticker “MRNA”.

Morgan Stanley & Co LLC, Goldman Sachs & Co LLC and J.P. Morgan Securities LLC are leading an 11-member underwriting team for the IPO.



Source: Reuters
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