Kodiak Sciences IPO prices well below expected range

Kodiak Sciences IPO prices well below expected range

Kodiak Sciences Inc. KOD, +0.00% said Thursday its initial public offering priced at $10 a share, which is below the expected range of $13 to $15 a share. The Palo Alto, Calif.-based biopharmaceutical company raised $90 million in the IPO. If all the options granted to underwriters are exercised, the company could raise $93.15 million. The pricing values Kodiak at $318.29 million. The stock is expected to begin trading Thursday on the Nasdaq under the ticker symbol “KOD.” Morgan Stanley and BofA Merrill Lynch are the lead underwriters. The company had a net loss of $27.9 million and no revenue in 2017, compared with a loss of $17.1 million and no revenue in 2016. The company is going public at a time that the Renaissance IPO ETF IPO, +0.92% has slipped 0.9% over the past three months and the S&P 500 SPX, +0.07% has gained 7.8%.

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