Overview
Parabilis Medicines Inc. is on track to price its initial public offering at the top of, or above, the previously announced $17 to $19 range later today, according to people familiar with the offering. Those individuals, who requested anonymity because the information is private, told reporters that demand for the deal reached roughly ten times the shares available before managers increased the size of the offering.
Upsize and demand
Earlier today Parabilis raised the target size of the IPO to 33.3 million shares. The report indicates that heavy interest from investors prompted the upsizing decision. Prior interest, measured before that change, was said to outstrip supply by a factor of about ten.
Allocation and investor mix
People familiar with the transaction said allocations are expected to be concentrated among investors who spent time meeting with Parabilis management. That suggests the bookbuilders may prioritize participants who engaged more closely with the company during the marketing process.
Listing details and underwriters
Shares of Parabilis Medicines are scheduled to begin trading on the Nasdaq Global Market on Wednesday under the ticker NASDAQ:PBLS. The banks working on the transaction include Leerink Partners, Bank of America Corp., Evercore Inc., Guggenheim Securities and LifeSci Capital.
Company comment
A representative for Parabilis did not immediately respond to a request for comment.
Summary
Parabilis Medicines appears likely to price its IPO at or above the top of its marketed range after reported oversubscription and an upsized share count to 33.3 million. Allocations are expected to favor investors who conducted direct meetings with management, and the stock will begin trading on Nasdaq under NASDAQ:PBLS on Wednesday. Several investment banks are managing the offering.