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Sol-Gel Technologies closes $86.3M IPO

Sol-Gel Technologies Ltd. closed its initial public offering with gross proceeds of about $86.3 million.

The clinical-stage dermatology company sold 7,187,500 ordinary shares at $12 per ordinary share. This included the full exercise of underwriters' option to buy up to 937,500 additional shares.

The company's shares started trading on the Nasdaq Global Market on Feb. 1 under the ticker symbol SLGL.

Jefferies LLC and BMO Capital Markets Corp. acted as joint book-running managers, while JMP Securities LLC and Raymond James & Associates Inc. acted as co-managers for the offering.