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.

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