Parnell Pharmaceuticals drops proposed IPO price to $10 and increases shares offered

By
A A A

Parnell Pharmaceuticals, an Australian maker of osteoarthritis and reproductive drugs for dogs, horses and cows, lowered the proposed deal size for its upcoming IPO on Wednesday. The company now plans to raise $50 million by offering 5.0 million shares at $10 per share. The company had previously filed to offer 3.6 million shares at a range of $17 to $19. At the midpoint of the revised range, Parnell Pharmaceuticals will raise 23% fewer proceeds than previously anticipated.

Parnell Pharmaceuticals, which was founded in 1986 and booked $9 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol PARN. Jefferies and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of June 16, 2014.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

Referenced Stocks: PARN

Renaissance Capital

Renaissance Capital

More from Renaissance Capital:

Related Videos

Stocks

Referenced

100%

Most Active by Volume

57,375,820
  • $16.20 ▼ 0.80%
46,357,695
  • $102.13 ▲ 1.23%
39,856,106
  • $3.59 ▲ 0.84%
36,749,915
  • $19.21 ▲ 5.38%
35,094,671
  • $74.63 ▼ 1.75%
25,538,058
  • $48.06 ▼ 0.23%
24,241,250
  • $38.18 ▲ 1.03%
22,422,839
  • $11.20 ▲ 3.70%
As of 8/27/2014, 04:02 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com