By San Diego-based biotechnology company Turnstone Biologics Corp. (TSBX) is set to go public on Friday after successfully raising $80 million in an upsized initial public offering. The company sold 6.67 million shares in the IPO, surpassing its initial projection of 5.80 million shares.
Strong Market Response
At the initial public offering price of $12 per share, Turnstone Biologics Corp. achieved a valuation of $225.86 million. The stock will be available for trading on the Nasdaq exchange under the ticker symbol “TSBX” starting Friday.
Steady Financial Performance
In the first quarter, the company reported a net income of $68,000, backed by collaboration revenue of $19.3 million. This marks a significant improvement from the previous year, which saw a loss of $12.6 million on collaboration revenue of $10.7 million.
Investor Interest in IPOs
Turnstone Biologics Corp.’s decision to go public aligns with a period of heightened investor interest in IPO shares. The Renaissance IPO exchange-traded fund (IPO) has shown a 23.6% increase over the past three months, while the S&P 500 has gained 9.7%.
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