Zai Lab Completes $150 Million IPO; Stock Jumps 50% At Opening; Company Worth $1.4 Billion
Zai Lab raised $150 million in its US IPO after the company increased the size of the offering to 8 million shares from the originally proposed 5.8 million shares. Demand for the offering was strong, and Zai's stock opened 50% above the IPO price at $27 per share. Zai is worth $1.4 billion at this price. If the underwriter places the 1.2 million share overallotment, the IPO proceeds will total $165 million. Just four years old, Zai has built the $1.4 billion company using only $164 million in equity capital.