Absci's stock soars in public debut, as first trade values company at more than $TK billion

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Absci Corp. received a warm reception on Wall Street Thursday, as the shares of the Washington-based provider of an artificial intelligence-powered drug creation platform opened 31.2% above the initial public offering price. The company said overnight that the IPO priced at $16 a share (link), which was in the middle of the expected range (link) of between $15 and $17 a share. The stock’s first trade was at $21.00 at 12:13 p.m. Eastern for 358,014 shares. At that price, Absci was valued at $1.90 billion. The stock’s strong opening occurred on a day that the Renaissance IPO ETF (IPO) fell 0.5% while the S&P 500 eased 0.1%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

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07-22-21 1233ET

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