Zai Lab Plans $90 Million IPO At $800 Million Valuation

Shanghai's Zai Lab will issue 5.8 million ADSs at an expected range of $16-$18 each in its upcoming US IPO. At the midpoint, $17 per ADS, Zai will raise $90 million at a market capitalization of $800 million. The company has $30 million in non-binding commitments from institutional investors for the offering. If all goes as planned, Zai will complete the IPO next week. Zai has done very well for itself: the company is only four years old, and it has gotten to this point on just $164.5 million in equity funding.