Strong demand for Sionna latest good sign for IPOs: Public Equity Report

Investors awaiting signs that appetites are on the rise for new biotech listings have one more data point in their favor, as cystic fibrosis play Sionna became the latest life sciences company to exceed expectations for its IPO.

Late Thursday, Sionna Therapeutics Inc. (NASDAQ:SION) sold nearly 10.6 million shares — 20% more than the 8.8 million it had proposed — at the top end of its $16-$18 range, raising $190.6 million at a postmoney valuation of about $765 million. By the end of its first trading day on Friday, its shares had risen 39% to $25, boosting its value north of $1 billion...