By Michael Dabaie
Rani Therapeutics Holdings Inc. announced its initial public offering of 6.7 million shares at a price of $ 11 per share.
The clinical-stage biotherapeutic company announced in a filing with the Securities and Exchange Commission on Monday that it expected an IPO of between $ 14 and $ 16 per share.
Rani said Friday that it expects gross proceeds of $ 73.3 million. The company granted the syndicate banks a 30-day option to purchase up to an additional million shares at the IPO price.
The shares are expected to trade under the ticker symbol RANI on the Nasdaq on Friday.
BofA Securities, Stifel, Cantor Fitzgerald and Canaccord Genuity are acting as lead bookrunning managers and BTIG is acting as co-managers for the offering.
Write to Michael Dabaie at [email protected]