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Graphite Bio Announces Pricing For IPO

Graphite Bio, Inc a clinical-stage, next-generation gene-editing company focused on therapies that harness targeted gene integration to treat or cure serious diseases, today announced the pricing of its upsized initial public offering of 14,000,000 shares of its common stock at a price to the public of $17.00 per share.

All of the shares of common stock are being offered by Graphite Bio inc. The gross proceeds to Graphite Bio from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Graphite Bio, are expected to be $238.0 million. In addition, Graphite Bio Inc has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of its common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Market on June 25, 2021, under the ticker symbol “GRPH.” The offering is expected to close on June 29, 2021, subject to customary closing conditions. Morgan Stanley, BofA Securities, Cowen and SVB Leerink are acting as joint book-running managers for the offering.

The company raised $238 million, as it said late Thursday, sold 14.0 million shares in its IPO, which priced at $17 a share. The pricing values Graphite Bio at about $926.1 million. The company had previously said it was offering 12.5 million shares in the IPO, which was expected to price between $15 and $17 a share.The company is going public at a time that the Renaissance IPO ETF IPO has run up 9.3% over the past three months and the S&P 500 SPX has gained 9.1%.

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