Neumora Therapeutics listing: SoftBank-backed Neumora bags $2.51 billion valuation in lackluster debut

Shares of Neumora Therapeutics , which is backed by Amgen and Japan’s SoftBank , fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion.

The Watertown, Massachusetts-based company’s shares debuted at $16.50 per share on Nasdaq, below the offer price of $17 apiece.

The ongoing surge in listings points to a nascent recovery in the U.S. IPO market amid growing expectations of a pause in interest rate hikes by the Federal Reserve.

Neumora, which is developing drugs for brain diseases, raised $250 million by selling 14.7 million shares priced at the mid-point of its previously disclosed range. That gave the IPO a valuation of $2.58 billion.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price