As the dust of the contested presidential election slowly settles, companies are increasingly comfortable with conducting their intended IPO’s. 14 out of the 23 IPOs in November took place in the past three days with today marking a new high, with nine companies going public.
One of the most interesting initial public offerings of the day was undertaken by Olema Pharmaceuticals (OLMA). The California based biotech specializes in the treatment of cancer, in particular, different forms of breast cancer. Its flagship product, OP-1250 which focuses on hormonal types of breast cancer, is currently in clinical trials.
To support clinical studies and further R&D, Olema initially planned to raise 170 million, with shares opening at $17.00. This has been upsized to $19.00 a share, anticipating high demand. Olema was able to sell 11 million shares and therefore raise $209 million.
The first day trading publicly reflected the high expectations of investors, as the share price exploded by over 140%.