Ikaria Steady State

The investors who formed Ikaria Inc. in 2007 through the combination of Ikaria Inc. and INO Therapeutics LLC aren't expecting much of a gain in valuation since the stock and cash deal valued the newco at $670 million. Last week, the company went on the road with an IPO that would value it at $710.6 million.

Ikaria updated its S-1 to sell 10 million shares at $15-$17. A $16 price would raise $160 million. The company filed in May to raise up to $200 million...