Shares of Maze Therapeutics (MAZE) surged 6.25% in Friday's trading session, following the company's successful pricing of its upsized initial public offering (IPO) a day earlier.
On Thursday evening, Maze Therapeutics announced that it had priced its IPO of approximately 8.8 million shares at $16 per share, raising gross proceeds of $140 million. The offering was upsized from the company's initial plans, indicating strong investor demand.
In addition to the 8.8 million shares sold in the IPO, Maze Therapeutics granted the underwriters a 30-day option to purchase up to an additional 1.3 million shares at the IPO price of $16 per share, less underwriting discounts and commissions. The IPO is expected to close on Monday, with the shares trading on the Nasdaq under the ticker symbol 'MAZE'.
Maze Therapeutics, a biopharmaceutical company focused on developing drugs for renal, cardiovascular, and related metabolic diseases, including obesity, is off to a strong start as a publicly-traded company. Investors will be closely watching the stock's performance in the coming days and weeks, as the company looks to capitalize on the successful IPO and continue executing its business strategy.
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