The multi-corporate-backed biologic pill developer has listed on the Nasdaq Global Market, pricing the shares below their range.

Rani Therapeutics, a US-based biologics delivery technology developer backed by corporates Alphabet, GeneScience, AstraZeneca, Shire, Novartis, Ping An, KPC and Stevanato, floated on Friday in a $73.3m initial public offering.

The IPO on the Nasdaq Global Market involved the company issuing almost 6.7 million class A shares at $11 each, below the $14 to $16 range. They closed at $10.80 yesterday.

The company’s market capitalisation stood at $541m on Friday, according to Silicon Valley Business Journal.

Founded in 2012,…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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