Fate Therapeutics Bombs in IPO Debut, Prices at Low End of Revised Range

Fate Therapeutics, an early clinical-stage biotech developing stem cell treatments for orphan diseases, raised $40 million by offering 6.7 million shares at $6, the low end of the revised range of $6 to $8. The company had initially filed to offer 4.0 million shares at a range of $14 to $16, before cutting the deal size 22% on Monday morning. Fate Therapeutics plans to list on the NASDAQ under the symbol FATE. Cowen & Company and BMO Capital Markets acted as lead managers on the deal.

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