I-Mab dips in NASDAQ debut, first in years for an innovative Chinese biopharma

Shares of I-Mab slipped 11% in their first day of trading Friday after the Shanghai-based company priced its IPO on NASDAQ within its proposed range, raising $104 million to fund its cross-border development strategy. The biotech is the only innovative, China-based drug developer to list on NASDAQ in the past two years.

I-Mab Biopharma (NASDAQ:IMAB) closed the session at $12.50 after selling 7.4 million ADSs at $14, within the $12-$15 range. The IPO valued I-Mab at $807.3 million, with each ADS representing 2.3 ordinary shares. Underwriters are Jefferies, CICC, China Renaissance and Huatai Securities (see "I-Mab Looks to Fill Gap in NASDAQ Listings")...