Ablynx, a Belgian biotech developing single-domain antibodies for various diseases, announced terms for its global IPO on Tuesday. The company's stock is currently listed on the Euronext Brussels under the symbol ABLX.
The Zwijnaarde, Belgium-based company plans to raise $150 million by offering 7.2 million ADSs at a price of $20.95, based on Friday's closing price of the company's ordinary shares on the Euronext Brussels. Ablynx plans to raise an additional $25 million in a concurrent private placement for a combined $175 million in total proceeds. Following the offering, Ablynx would command a fully diluted market value of $1.5 billion.
Ablynx was founded in 2001 and booked $78 million in revenue for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol ABLX. BofA Merrill Lynch, J.P. Morgan and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of October 23, 2017.
