(Reuters) – Therapy developer Fractyl Health said on Monday it was aiming for a market valuation of up to $762 million in its U.S. initial public offering (IPO).
The company plans to raise up to $132 million by selling about 7 million shares priced between $16 and $18 each.
The U.S. IPO market is looking to rebound in 2024 after two subpar years. Last week, Healthcare companies CG Oncology and KKR-backed BrightSpring Health Services made contrasting market debuts, signaling investors remained cautious.
Lexington, Massachusetts-based Fractyl Health develops “disease-modifying” therapies that target organ-level root causes to treat metabolic diseases like type-2 diabetes and obesity.
The company’s Revita, which it is developing for type 2 diabetes, is at an enrollment stage. Its other therapy, Rejuva PGTx, which aims to treat type 2 diabetes and obesity, is at a pre-clinical stage.
Fractyl Health plans to list on the Nasdaq under the symbol “GUTS”.
BofA Securities, Morgan Stanley and Evercore ISI are the underwriters of the offering.
(Reporting by Pritam Biswas in Bengaluru; Editing by Ravi Prakash Kumar)
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