The IdInvest-backed company, which is developing a treatment for tinnitus, has gone public in an underpriced IPO.

Switzerland-based biopharmaceutical company Auris Medical raised $56.4m in an initial public offering on Nasdaq on yesterday.

Auris issued 9.4 million shares priced at $6.00 each, a good deal more than the 6.9 million shares it planned to issue when it set the range between $10 and $12 per share late last month, though the proceeds ended up being considerably less than the $84m it targeted at that time.

The stake in Auris held by Allianz-backed venture capital fund IdInvest…