Virax Biolabs surges 300% in post-IPO debut

Jul. 21, 2022 11:49 AM ETVirax Biolabs Group Limited (VRAX)By: Brian Stewart, SA News Editor

IPO Initial Public Offering

Mikko Lemola/iStock via Getty Images

Shares of Virax Biolabs Group (NASDAQ:VRAX) quadrupled in value early in their debut session following an initial public offering.

The U.K.-based provider of diagnostic tests and PPE, including test kits for COVID, priced an IPO of common stock at $5 per share. The offering consists of 1.35M shares, leading to gross proceeds of $6.75M.

Following the IPO, the stock began trading on the Nasdaq Capital Market, opening at $20 before quickly jumping to $26.07. Shares moderated from that early peak but continue to trade around $20.

This represents a rise of $15 compared to its IPO price, or a gain of 300%.

VRAX had submitted its F-1 with the U.S. Securities and Exchange Commission in March. This type of filing relates to IPOs for foreign companies. Last month, the company revealed that it expected to price at $5 a share.

The firm has increased the size of its planned offering. As of early June, VRAX had expected to sell 1.2M shares in the transaction.

Recommended For You


To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.