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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