(Reuters) – Rapport Therapeutics is targeting a valuation of about $637 million in its initial public offering in the United States, as the biopharmaceutical company joins a slew of firms looking to list their shares amid a rebound in the capital markets.
The U.S. IPO market is staging a strong comeback after two dismal years, thanks to a rally in the stock market and growing optimism of a possible interest rate cut this year.
Rapport, backed by the venture capital arm of Johnson & Johnson, is seeking to raise up to $144 million by selling 8 million shares priced between $16 and $18 apiece, it said on Monday.
The Boston, Massachusetts-based company was formed in February 2022 with founding support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC. It develops small molecule medicines for patients suffering from central nervous system disorders.
Rapport plans to list on the Nasdaq under the symbol “RAPP”.
Goldman Sachs, Jefferies, TD Cowen and Stifel are the underwriters for the offering.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)
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