Versartis, a biotech developing long-acting treatments for growth hormone deficiency, raised the proposed deal size for its upcoming IPO on Wednesday. The Redwood City, CA-based company now plans to raise up to $126 million by offering 6.0 million shares at a price range of $19 to $21. The company had previously filed to offer 4.6 million shares at a range of $16 to $19. At the high end of the revised range, it would raise 57% greater proceeds than previously anticipated and command a market cap of $522 million (previously $409 million).
Versartis, which was founded in 2008, plans to list on the NASDAQ under the symbol VSAR. Versartis initially filed confidentially on January 10, 2014. Morgan Stanley and Citi are the joint bookrunners on the deal. It is expected to price during the week of March 17, 2014.
