Sep 13, 2024 - Business

Biotech trio revives the IPO market

Dan Primack

Illustration of a stock ticker with an EKG line pointing upwards — Illustration: Sarah Grillo/Axios

Three biotech startups priced IPOs last night, each raising more money than initially planned.

Why it matters: This is a reminder that the IPO pool is open for those with the courage to dive in.

By the numbers: The three companies — Bicara Therapeutics, MBX Biosciences, and Zenas BioPharma — raised a total of $702 million and will begin trading today on the Nasdaq.

Bicara and MBX both increased the number of shares offered, and priced at the top of their ranges. Zenas also upped its share count, and priced in the middle of its range.

The bottom line: There are a couple of large U.S. IPOs on the calendar for 2024, StandardAero and Kindercare, but time is running short for new issuers to flip their registration filings.

Instead, most companies are singing the same song as they did in September 2023: Wait 'til next year.

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Biotech trio revives the IPO market

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