Rapport Therapeutics Prices IPO at $17, Raises $154M with 22% Gain

Jun 7, 2024, 11:20 AM

Rapport Therapeutics Inc. (RAPP) successfully priced its initial public offering (IPO) at $17 per share, raising $136 million. The IPO involved 8 million shares and the company opened trading at $18 per share, marking a 5.9% increase from the IPO price. The shares rose nearly 6% in their market debut, valuing the company at $636.8 million. Rapport Therapeutics, backed by Johnson & Johnson's venture capital arm, is a clinical-stage biotechnology company focused on developing precision neuromedicines for central nervous system disorders. The company's stock market debut reaped $154 million, and it posted a 22% gain in its NASDAQ debut.