IGM Biosciences, a Phase 1/preclinical immuno-oncology biotech developing engineered antibodies, raised the proposed deal size for its upcoming IPO on Tuesday.
The Mountain View, CA-based company now plans to raise $175 million by offering 10.9 million shares at a price range of $15 to $17. Insiders intend to purchase $100 million worth of shares in the offering, up from $50 million. The company had previously filed to offer 7.8 million shares at a range of $15 to $17. At the midpoint of the revised range, IGM Biosciences will raise 40% more in proceeds than previously anticipated to command a fully diluted market value of $492 million.
IGM Biosciences was founded in 1993 and plans to list on the Nasdaq under the symbol IGMS. Jefferies, Piper Jaffray, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of September 16, 2019.
