A 7.1% gain in the Euronext Paris-listed shares of French liver disease drug developer inventiva over the marketing period helped the biotech deliver a solid pricing outcome on its US$107.7m Nasdaq IPO which was priced late on Thursday. A syndicate led by Jefferies, Stifel and Guggenheim Securities priced the sale of 7.48m Inventiva ADSs at US$14.40, the midpoint of a US$13.40-$15.40 range set on the eve of pricing and based on the VWAP of the stock's Europe listing in the sessions immediately leading up to the offering. The offering price is equivalent to €12.70, a 2.8% discount to the VWAP of the Euronext-listed shares over three sessions last week (Monday, Thursday and Wednesday) and a 5.9% discount to Thursday's Euronext close. The Euronext-listed shares surged 17.4% over the three sessions that determined the VWAP (with the heaviest volume on the final of those three sessions) and 7.1% over the short marketing period, with the deal launched after Monday's European close.
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