Earlier this morning, Ablynx' (ABLX) up-sized 11.4 million share IP priced at $17.50, raising total gross proceeds of about $199.5 million. With shares already trading on the Euronext Brussels exchange, the pricing was based on the price of its ordinary shares in Brussels, as well as current exchange rates. Originally, the company was looking to sell 8.1 million shares at a price of about $19.08. While shares slid a bit lower on the Brussels exchange, it was able to bump the share amount to 11.4 million. Consequently, ABLX generated roughly 30% more in capital than anticipated.
The lead underwriters on the deal were BofA Merrill Lynch, JP Morgan, and Jefferies. The stock is set to open for trading later this morning on the Nasdaq.
By Briefing.com General Market Columns