Relypsa, a late-stage biotech developing a treatment for hyperkalemia, lowered the proposed deal size for its upcoming IPO on Thursday. The Redwood City, CA-based company now plans to raise $82 million by offering 6.9 million shares at $12 per share. The company had previously filed to offer the same number of shares at a range of $16 to $19. At the midpoint of the revised range, Relypsa will raise 31% fewer proceeds than previously anticipated.
Relypsa, which was founded in 2007, plans to list on the NASDAQ under the symbol RLYP. Morgan Stanley and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of November 11, 2013.
