Deals
Biotech Alector Drops as IPOs Restart After U.S. Shutdown
- Alector raised $176 million at midpoint of marketed range
- Listing is first after U.S. shutdown to price as typical IPO
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Alector Inc. fell in its trading debut after raising $176 million in the first U.S. initial public offering without a fixed share price since the government shutdown all but froze the market.
The biotechnology company ended its trading debut Thursday down 5.3 percent to $18, giving it a market value of $1.2 billion. On Wednesday, Alector sold 9.25 million shares at $19 each, the midpoint of the marketed range of $18 to $20.