(Reuters) – Shares in SoftBank-backed For Biotechnologies, Inc., FOR the.O) fell as much as 28% in one of the worst market debuts in the past few months, adding to the gloom in the IPO market from WeWork’s failed attempt to make a list of the equipment.
For a big initial public OFFERING deals another blow to the japanese SoftBank (9984.(T), which is still smarting from its failed initial public offering of WeWork from the previous month, following the investor’s increased scepticism about the office part of the start of the path to profitability.
SoftBank’s (9984.(T) a $100 billion Vision Fund, which is the owner of 19.8% of the For the after the offering, which is a slight decrease compared to the pre-IPO stake of 21.2%. (a little bit.m/318hWfg)
Investors and experts tracking the recent Ipo of the company believe that companies thinking of going public in the next 12 to 18 months, it would be very, very wary of the recent backlash against the loss making companies.
For posted sales and revenues of $10.7 million for the end of 2018, a nearly four-fold jump from the previous year, but its losses ballooned by more than 66%, to approximately $116 million in the same period of time.
Shares of the San Francisco-based infectious-disease-researcher, opened at $16.15, after the initial public offering was priced at the low end of the $20 to $22 per share range. It increased to $142.9 million from the offering.
On the day of the low of $14.17, and the company was valued at more than $1.5 billion.
For the investigation of new treatments for infectious diseases such as hepatitis, tuberculosis, and HIV / aids, and is composed of a number of of the most high-profile investors in the industry are among the donors.
Co-founded by Arch Venture ners’ Robert Nelsen, both as they turned to the Vision of the foundation and the Bill & Melinda Gates Foundation are among the largest lenders of money. Biogen Inc. ‘ s (BIIB.(O) former Chief Executive Officer, George Scangos, the chief executive officer.
JP Morgan, Goldman Sachs, Cowen and Barclays capital are the lead underwriters for the For the IPO of the company.
Report of C, Nivedita and Abhishek Manikandan in Bengaluru; Editing by shailesh Kuber and Anil D’silva