By Colin Kellaher
Fractyl Health plans to sell more than 7.33 million shares at $14 to $16 apiece in its initial public offering.
At the $15 midpoint of that price range, the Lexington, Mass., metabolic therapeutics company expects net proceeds of about $99 million, or roughly $114.3 million if the underwriters exercise an option to buy an additional 1.1 million shares.
Fractyl, which is focused on developing new approaches to the treatment of metabolic diseases such as type 2 diabetes and obesity, said it expects the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs through 2025.
Fractyl said it would have about 48.7 million shares outstanding after the offering, assuming exercise of the overallotment option, for a market capitalization topping $730 million at the pricing midpoint.
Fractyl said it has applied to list its shares on the Nasdaq Global Market under the symbol GUTS.
Write to Colin Kellaher at [email protected]
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