Moderna Inc. staged one of the biggest initial public offerings for a biotechnology company late Thursday, a bright spot in an otherwise tumultuous market.
Moderna sold 26.3 million of its shares at $23 apiece Thursday, in line with pricing expectations on the eve of its trading debut. The offering’s size was bigger than expected, raising $604.3 million and valuing the company at roughly $7.5 billion.
Read: Moderna IPO: 5 things to know about potentially the largest U.S. biotech IPO in history
The listing is expected to be one of the last big IPOs in a year that has ushered in more than 200 new listings, raised more than $58 billion and is set to be the busiest since 2014. Pricing within range and increasing the offering bode well for the resiliency of the IPO market even as sharp stock swings have become more common.
The next test will be how Moderna’s shares trade. They are set to make their stock-market debut Friday on the Nasdaq Global Market under the stock symbol MRNA MRNA, +0.00% .
An expanded version of this report appears on WSJ.com.
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