The GV and Wuxi AppTec-backed drug development software producer floated above its range and saw its shares rise 68% on their first day of trading.

Schrödinger, a US-based life sciences software provider that counts pharmaceutical firm Wuxi AppTec and internet and technology group Alphabet as investors, went public yesterday in a $202m initial public offering.

The IPO consisted of almost 11.9 million shares priced at $17.00 each, above the $14 to $16 range the company set last week. The company’s shares ended their first day of trading on the Nasdaq Global Market yesterday at $28.64, giving it a market cap of about $1.38bn.

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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