Despite seemingly high investor interest, Alumis fell short of its original $300-million IPO goal. The inflammation-focused company sold far fewer shares than expected, and at the bottom of its proposed range, to raise $210 million – still enough to claim the title of year’s third-biggest biotech debut.
Coupled with a $40 million private placement from existing shareholder AyurMaya Capital Management Fund, Alumis raised a total of $250 million late Thursday.
Downsized offering
Alumis had been shooting for a sale of 17.7 million shares at $16 to $18 each, but the firm ended up only selling 13.1 million shares at $16 a piece.
The downsized offering comes after Australian radiopharmaceutical developer Telix pulled back from a planned NASDAQ IPO earlier this month, citing lower-than-desired pricing.
While the public markets have proven to be a rollercoaster for biotechs this year, Alumis’ $600 million in private funding — bolstered by a $259-million megaround in March – had seemed to indicate the firm had substantial investor interest to power a big ticket IPO. For more IPO analysis, see Vital Signs: Taking the temperature on a cooling IPO cycle.