Gracell Biotechnologies, a Phase 1 Chinese biotech developing CAR-T cell therapies for cancer, raised the proposed deal size for its upcoming IPO on Thursday.
The Suzhou, China-based company now plans to raise $187 million by offering 11 million ADSs at a price range of $16 to $18. The company had previously filed to offer 8.8 million ADSs at the same range. At the midpoint, Gracell Biotechnologies will raise 25% more in proceeds than previously anticipated.
Gracell Biotechnologies was founded in 2017 and plans to list on the Nasdaq under the symbol GRCL. Citi, Jefferies, Piper Sandler and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of January 4, 2021.
