IPOs

Foresite Capital's SPAC FS Development prices upsized $105 million IPO at $10

FS Development, a blank check company formed by Foresite Capital targeting a healthcare business, raised $105 million by offering 10.5 million shares at $10. The company offered 0.5 million more shares than anticipated. The company did not offer warrants that would become exercisable following the completion of the initial business combination like an ordinary SPAC.

The company is led by CEO and President Jim Tananbaum, the founder and CEO of Foresite Capital; CFO Dennis Ryan, a Managing Director and CFO of Foresite Capital; and Vice President Michael Rome, a Managing Director at Foresite. The company intends to capitalize on its management team's background and experience to identify promising opportunities in the biotechnology sector.

FS Development plans to list on the Nasdaq under the symbol FSDC. Jefferies acted as a lead manager on the deal.

The article Foresite Capital's SPAC FS Development prices upsized $105 million IPO at $10 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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