Public equity roundup: CG, ArriVent IPOs stoke optimism for growing queue

New listings from CG Oncology and ArriVent provided hopeful signs for a 2024 rebound in the biotech IPO market, while cash continued to flow into biopharmas via follow-ons and PIPEs.

Enthusiasm for the listing by CG Oncology Inc. (NASDAQ:CGON) gained momentum during the week, as the company first upsized its proposal, then priced above expectations and gained value in the aftermarket. An initial 11.8 million-share proposal swelled to 17 million shares; CG then sold 20 million shares at the top of its range, raising $380 million — the most for a new-to-NASDAQ biotech since the $621 million offering by Acelyrin Inc. in May 2023...