The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Biopharmaceutical company Opthea (OPT) has announced the pricing of its initial public offering (IPO) on the Nasdaq
  • Over 8.5 million American Depositary Shares (ADS), representing over 68.5 million ordinary shares will be priced at USS$13.50 (roughly A$19.18) per ADS, before underwriting discounts and commissions
  • The biotech stock inked its plans to list on Nasdaq under the ticker code “OPT”, in late August – claiming it would support product development and clinical trials
  • Opthea expects to raise US$128.2 million (roughly A$182.09 million) from the IPO
  • The company also plans to grant the underwriters a 30-day option to purchase up to an additional 1,425,000 ADSs
  • The ADSs have begun trading on the Nasdaq Global Select Market and, as of October 19, Opthea’s ADSs were trading for $13.15
  • Opthea ended the day trading 2.92 per cent lower on the ASX, with shares closing at $2.33

Opthea (OPT) has announced the pricing of its initial public offering (IPO) in the United States.

Earlier this month, Opthea launched its proposed IPO of American Depositary Shares (ADS) on the Nasdaq.

Each ADS will represent eight of the company’s ordinary shares which are listed and, once the IPO is completed, Opthea will continue to trade on the ASX under “OPT”.

A total of 8,563,300 ADSs, representing 68,506,400 ordinary shares, will be priced at US$13.50 (roughly A$19.18) per ADS, before underwriting discounts and commissions.

Further, Opthea offered and sold to certain investors pre-funded warrants to buy 936,700 ADSs at a public offering price of US$13.49999 per pre-funded warrant.

The biotech stock inked its plans to list on Nasdaq under the ticker code “OPT”, in late August – claiming any offering and listing of ADSs on the American stock exchange would support product development and clinical trials.

When it first detailed its IPO plans, Opthea hoped to raise US$160 million (roughly A$227.4 million) from the IPO. However, the company now expects to raise US$128.2 million (roughly A$182.09 million).

The company also plans to grant the underwriters a 30-day option to purchase up to an additional 1,425,000 ADSs at the IPO price per ADS less underwriting discounts and commissions.

The ADSs have begun trading on the Nasdaq Global Select Market and, as of October 19, Opthea’s ADSs were trading for $13.15.

Opthea ended the day trading 2.92 per cent lower on the ASX, with shares closing at $2.33.

OPT by the numbers
More From The Market Online

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Brian Leedman’s BlinkLab to join ASX: AI-driven smartphone app screens for autism, ADHD

BlinkLab is a world-first, AI-driven digital healthcare venture, that uses a smartphone and facial recognition to…

Osteopore stock spikes 900% on Singapore and Vietnam approvals

Osteopore's (ASX:OSX) share price was up 38% after the regenerative medicine company received approval for its…

Amplia Therapeutics takes step up in pancreatic cancer treatment

Amplia Therapeutics is on to next step in its pancreatic cancer treatment research after a successful…