Akebia Therapeutics, Inc., a US-based biopharmaceutical company, has completed its initial public offering (IPO) of 6.762 million shares of common stock, including 879,647 shares sold pursuant to the exercise of the underwriters' over-allotment option, at a price of $17 per share for gross proceeds of $114.95 million.
Update on March 20, 2014:
Akebia Therapeutics has priced its proposed IPO of 5,882,353 shares of common stock at a price of $17 per share to raise gross proceeds of $99.99 million.
The offer increased from 4.9 million shares to 5,882,353 shares.
In addition, Akebia Therapeutics has granted the underwriters a 30-day over-allotment option to purchase up to an additional 0.879 million shares of common stock at offering price.
The offering is expected to close on March 25, 2014.
Update on May 7, 2014:
Akebia Therapeutics has set the price band for its proposed IPO of 4.9 million shares of common stock at a price between $14 and $17 per share. The gross proceeds from the offering are expected to be between $68.6 million and $83.3 million.
The underwriters have an option to purchase up to an additional 0.735 million shares at the IPO price, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable.
Announcement (February 14, 2014):
Akebia Therapeutics has filed a registration statement with the US Securities and Exchange Commission to raise maximum gross proceeds of $75 million in an IPO.
The company intends to list its common stock on the NASDAQ Global Market under the trading symbol ?AKBA?.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC are acting as joint book-running managers, UBS Securities LLC and Nomura Securities International, Inc. are acting as underwriters, and Ropes & Gray LLP is acting as advisor to Akebia on certain legal matters.