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  • Biopharmaceutical company Opthea (OPT) has completed its initial public offering to list on the United States’ NASDAQ stock exchange
  • As expected, the company raised approximately US$128.2 million (roughly A$180.3 million) in aggregate gross proceeds through the offering
  • Opthea has also granted the IPO’s underwriters a 30-day option to buy up to 1,425,000 additional American Depositary Shares (ADS)
  • The proceeds of the IPO are likely to go towards supporting the company’s product development and clinical trials
  • Opthea shares are down 0.42 per cent in early trade, priced at $2.38

Opthea (OPT) has completed its initial public offering to list on the United States’ NASDAQ stock exchange.

On October 16, the company launched its IPO of American Depositary Shares (ADS) on the NASDAQ Global Select Market. A few days later, on October 20, Opthea released information about the IPO’s pricing.

During the IPO, the company offered 8,563,300 depositary shares, which represented 68,506,400 ordinary shares in Opthea. These were available at an IPO price of US$13.50 (approximately A$18.99) each.

The company also offered up pre-funded warrants for the purchase of 936,700 depositary shares at a similar IPO price.

Opthea originally hoped to raise US$160 million (roughly A$225 million) through the Nasdaq offering. However, the company later downgraded its expectations to potential proceeds of US$128.2 million (approximately A$180.3 million).

Opthea’s latter estimate was correct, as the company did indeed raise approximately US$128.2 million (or A$180.3 million) in aggregate gross proceeds through the IPO. However, Opthea has also granted the IPO’s underwriters a 30-day option to buy up to 1,425,000 additional depositary shares at the IPO price, minus underwriting discounts.

With these extra shares still up for sale, the company could expect further proceeds to add to its current total raised thus far. According to Opthea, any proceeds of the IPO are likely to go towards supporting the company’s product development and clinical trials.

While Opthea’s depositary shares are listed on the NASDAQ Global Select Market, the company’s ordinary shares will continue to list on the Australian Stock Exchange (ASX).

Opthea shares are down 0.42 per cent in early trade, priced at $2.38 at 10:29 am AEDT.

OPT by the numbers
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