Feb 6 - Shares of Agomab Therapeutics declined roughly 8% when they began trading on the Nasdaq, leaving the Belgium-based clinical-stage biopharmaceutical company with a market capitalization of $716.4 million. The stock opened at $14.70, below the $16 per-share offering price set for the U.S. initial public offering.
Agomab completed the IPO after selling 12.5 million American Depositary Shares at $16 apiece, raising $200 million. The company is focused on developing therapies for immune and inflammatory diseases, with an initial emphasis on chronic fibrotic disorders.
Underwriters for the transaction included J.P. Morgan, Morgan Stanley, Leerink Partners and Van Lanschot Kempen. The offering was marketed with a price range of $15 to $17 per American Depositary Share, and the final $16 pricing sits in the middle of that range.
Investor appetite for new listings this week has been selective amid a pronounced sell-off in U.S. software and data-services stocks, a dynamic that appears to have influenced market reception of recent IPOs. The rout in those sectors coincided with a weak debut for Eikon Therapeutics and led Liftoff Mobile to postpone its planned U.S. listing.
Agomab’s fundraising will provide capital as it advances its clinical programs, but the initial market reaction underscores the cautious stance investors are taking toward newly listed companies in the current environment. The company remains a clinical-stage biopharma focused on immune, inflammatory and chronic fibrotic conditions, and the IPO proceeds represent a sizable infusion of cash to support its development objectives.
Context and implications
- Agomab priced 12.5 million American Depositary Shares at $16 each, raising $200 million.
- The stock opened at $14.70 on Nasdaq, about 8% below the offer price, valuing the company at $716.4 million.
- Recent volatility and sell-offs in U.S. software and data-services equities have made investors selective toward new listings, affecting IPO market dynamics.