(Reuters) -Cancer drug developer CG Oncology notched up a valuation of $1.75 billion in its market debut on Thursday, after its shares jumped 52.6% at the open, as demand for new listings pick up after a two-year dry spell.
The IPO market is looking for a turnaround in fortunes as bets of a soft-landing for the U.S. economy rise, after two sub-par years fueled by the Federal Reserve’s aggressive interest rate hikes and geopolitical pressures.
The Irvine, California-based company debuted at $29 per share on the Nasdaq, above the upsized offer price of $19 apiece. The firm sold 20 million shares in its offering and raised $380 million.
(Reporting by Pritam Biswas in Bengaluru; Editing by Pooja Desai and Shilpi Majumdar)
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