Mid-point pricing, overfunding: Bambusa (BBTX.US) raised US$169 million in IPO, with a market capitalization of US$815 million

The Zhitong Finance App learned that Bambusa Therapeutics Inc. (BBTX.US), an early-stage biotechnology company focusing on skin diseases and autoimmune diseases, raised US$168.9 million through an expanded US initial public offering (IPO), and the issue price was set at the midpoint of the promotion range.

The biotech company sold 16 million shares at a price of $10.556 per share, according to a statement released on Thursday. According to previously submitted documents, the company originally planned to sell 9.375 million shares at a price of 15 to 17 US dollars per share.

Based on the IPO issuance price, Bambusa's market capitalization is US$815 million based on the number of tradable shares listed in the documents.

According to previously submitted documents, the Boston-based company is developing long-acting bispecific antibodies to address unmet needs in the global immune and inflammatory markets, covering skin, respiratory, digestive, and autoimmune diseases.

Bambusa was founded in 2024, and its main drug candidate comes from a previous acquisition of assets in a business division of BioNTech SE (BNTX.US): the first to treat atopic dermatitis (commonly known as eczema), and the second to treat other inflammatory diseases including respiratory and allergic diseases.

According to documents, Salvia Investment is expected to hold nearly 18% of the shares after the IPO, followed by co-founder and former BioNTech executive Shanshan Xu, who holds 17% of the shares and RA Capital Management holds 9% of the shares.

According to the statement at the time, Bambusa completed a round of financing in November last year, and existing investors RA Capital, Junli Henderson Investments, and Dawn Biopharma of KKR Holdings all participated in the subscription. Documents show that this round raised 33.1 million US dollars, and the valuation was significantly higher than the 89 million US dollar financing round earlier that year. As of the end of June, Bambusa held $71.5 million in cash and equivalents.

Documents show that in the six months ending June 30, 2026, the company had a net loss of US$22.4 million with zero revenue, compared with a net loss of US$13 million from zero revenue for the same period last year.

The IPO was underwritten by Bank of America, Evercore Inc., UBS Group, and Cantor Fitzgerald. Bambusa expects its shares to be listed and traded on the NASDAQ Global Select Market on Friday under the symbol BBTX.