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Tiziana Life Sciences discloses expected price, size of US IPO

Tiziana Life Sciences PLC said it expects to issue 1,010,111 American depositary shares at an anticipated price of $9.90 per ADS in its U.S. IPO.

Each ADS represents 10 ordinary shares. The London-based biotechnology company, which plans to raise about $10 million through the offering, applied to list the ADSs on the Nasdaq Capital Market under the symbol TLSA.

Underwriters have an overallotment option to buy an equivalent of 15% of the ADSs offered at the IPO price.

Tiziana Life Sciences shares will continue to trade on AIM, a market of the London Stock Exchange, under the symbol TILS.

The company said it will file an amended registration statement on Form F-1 with the U.S. SEC shortly.

Laidlaw & Co. (UK) Ltd. is acting as the underwriters' representative for the IPO.