the week’s first initial public offering, opened Tuesday with shares rising as much as 52%.
Eliem’s (ticker: ELYM) stock opened at $16.25, peaked at $19, and recently changed hands at $18.60, up nearly 49% from its offer price in afternoon trading.
Eliem had been scheduled to trade on Friday but instead priced its IPO late on Monday, raising $80 million. Eliem had initially filed to offer 4.5 million shares at $17 to $19 but increased that to 6 million shares at $12.50. It ended up selling 6.4 million shares at $12.50 each.
SVB Leerink, Evercore ISI, Stifel, and Guggenheim Securities are joint bookrunners on the deal.
The Eliem offering comes during a slow time in the IPO market. New issues typically slow down in August as investment bankers and executives go on vacation. Only three traditional IPOs, including Eliem, are expected this week.
Eliem is developing therapies to treat neuronal excitability disorders. The company is seeking to address needs in chronic pain, psychiatry, epilepsy, and other disorders of the peripheral and central nervous systems.
It has two drug candidates, ETX-810 and ETX-155. ETX-810 aims to treat diabetic peripheral neuropathic and sciatica pain, while ETX-155 is used for major depressive disorder, perimenopausal depression, and focal onset seizures according to the prospectus for the deal.
Write Luisa Beltran at firstname.lastname@example.org