April 27 (Reuters) – Drug developer Seaport Therapeutics said on Monday it was aiming for a valuation of $912 million in its initial public offering in the United States.
The Boston-based company is seeking to raise up to $212.4 million by offering 11.8 million shares priced between $16 and $18 apiece.
The U.S. IPO market is regaining momentum this month as improved risk appetite and investor sentiment encourage companies across sectors to test demand for new listings, despite concerns over a prolonged Middle East conflict.
On Friday, investment banking advisory firm Lincoln International filed for a U.S. IPO, while nuclear reactor maker X-Energy made a strong market debut.
Seaport Therapeutics is a clinical-stage biotech developing oral therapies for depression, anxiety and other neuropsychiatric disorders, using its proprietary Glyph platform.
Its lead candidate GlyphAllo is being developed for major depressive disorder.
Goldman Sachs, J.P. Morgan and Leerink Partners are among the underwriters for the offering.
Seaport will list its shares on the Nasdaq Global Market under the symbol “SPTX”.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Vijay Kishore)
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