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Biopharmaceutical company I-Mab sets price range for IPO


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Biopharmaceutical company I-Mab sets price range for IPO

I-Mab, a clinical-stage biopharmaceutical company with principal executive offices in China, plans to offer 7,407,400 American depositary shares at a value between $12 and $15 apiece in its IPO.

Underwriters for the offerings will receive an option to buy up to an additional 1,111,110 ADS.

I-Mab plans to list its shares on the Nasdaq Global Market under the symbol IMAB.

The autoimmune disorders and cancer treatment company plans to use proceeds from the IPO for research and development, establishing facilities in the U.S. and for general corporate purposes.

Several investors have shown interest in buying up to $48 million of the company's ADS.

Contingent on the completion of the public offering, the company will concurrently issue $37 million of its ordinary shares to its collaboration partner, Everest Medicines Ltd.

Net proceeds from the offering are expected to be about $87.7 million, or about $101.5 million if the underwriters fully exercise their option to purchase additional shares.

Jefferies LLC and China International Capital Corp. Hong Kong Securities Ltd. are the book-running managers for the proposed offering.

Skadden Arps Slate Meagher & Flom LLP is legal adviser to the company for the IPO. Davis Polk & Wardwell LLP is legal adviser to the underwriters.