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IGM Biosciences raises $201.3M in Nasdaq IPO

IGM Biosciences Inc. raised $201.3 million in its IPO on the Nasdaq Global Select Market.

The Mountain View, Calif.-based biotechnology company sold a total of 12,578,125 common shares at $16 apiece. This includes 1,640,625 common shares purchased as underwriters fully exercised the overallotment option given by the company.

IGM Biosciences intends to use the net proceeds for early-stage trials for its cancer drugs, to develop its IgM product pipeline, and for the expansion of its manufacturing facilities, working capital and other general corporate purposes.

Jefferies, Piper Jaffray, Stifel and Guggenheim Securities were the joint book-running managers for the IPO.