ADC steams back to virtual Wall Street — and this time the team scores a $233M IPO haul
ADC Therapeutics couldn’t quite complete the climb to a $200 million IPO last fall, when the market was cooking along at the end of a record-setting economic expansion. But 6 months later, with Wall Street locked down by the pandemic, the Swiss biotech cruised into the New York Stock Exchange and gathered a $233 million haul.
After initially shooting for a ballpark figure of $100 million, ADC upsized its offering — twice — to 12.2 million shares and sold them for $19 a share, a buck over the top of the range they had set. Insiders had indicated their appetite for about half of the sum raised overnight.
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