Shares in German biotech firm Jerini (JI4G.DE: Quote, Profile, Research) made a turbulent debut on Tuesday, falling 6 percent and then rising 13 percent before closing flat, amid a worsening IPO climate and scepticism about biotech offers. Shares in Jerini, which raised 51.5 million euros ($61.8 million) with the listing, opened at 3.10 euros -- below their issue price of 3.20 euros -- but closed at 3.20. In the latest in a raft of Frankfurt debuts, Jerini sold 15.5 million new shares and an additional 600,000 shares in an over-allotment option, pricing its stock at the bottom of its 3.20-3.60 euros bookbuilding range. The company had offered in total 2.3 million shares in the greenshoe option. But a banking source told Reuters the order book had been too weak to allot the whole greenshoe. Jerini plans to use the IPO proceeds to market its angioedema treatment icatibant, its main drug hope, which is in late-stage trials. Angioedema is a condition characterised by unpredictable attacks of swelling in various parts of the body.
