Cancer biotech RAPT Therapeutics re-launches downsized $39 million IPO

RAPT Therapeutics, a Phase 1 biotech developing therapies for cancer and inflammatory diseases, announced new IPO terms with a lower proposed deal size on Monday after postponing on August 1, 2019.

The South San Francisco, CA-based company now plans to raise $39 million by offering 3 million shares at a price range of $12 to $14 to command a $284 million market cap, $75 million lower than previously anticipated. Insiders intend to purchase $30 million worth of shares in the offering. The company had previously filed to offer 5 million shares at a range of $14 to $16 before postponing on August 1, 2019. At the midpoint of the revised range, RAPT Therapeutics will raise $36 million less in proceeds than previously anticipated.

Because the company is only raising $9 million in outside capital and plans to price in two days, Renaissance Capital will not be issuing new research on the deal.

RAPT Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol RAPT. BMO Capital Markets, Wells Fargo Securities and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price on Wednesday, October 30, 2019.

The article Cancer biotech RAPT Therapeutics re-launches downsized $39 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

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

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