(Reuters) -Shares of MapLight Therapeutics opened 11.8% above their offer price in their Nasdaq debut on Monday, giving the drug developer a $787 million valuation.
The Redwood City, California-based company’s stock opened at $19 apiece, compared with the $17 offer price.
MapLight is the first among companies that have tapped a legal maneuver to go public while the U.S. Securities and Exchange Commission remains closed amid a U.S. government shutdown.
More than half a dozen companies have tapped the 20-day rule since the SEC eased the IPO path during the government shutdown, with the others set to go public in the next fortnight.
MapLight, backed by Novo Holdings, raised $250.8 million in the IPO by selling 14.75 million shares at the marketed price. Affiliates of Wall Street giant Goldman Sachs bought 476,707 shares of MapLight in a concurrent private placement.
Morgan Stanley, Jefferies, Leerink Partners and Stifel were joint book-running managers for the offering.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber)
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