PureTech Health Shares Jump 9.6% as Seaport Raises $254.9M in Upsized IPO
PureTech Health shares rose 9.56% to 139.8p after investee Seaport Therapeutics priced its upsized IPO at $18, raising $254.9 million by selling 14.16 million shares and granting a 30-day option for 2.124 million more. PureTech will hold about 16.68 million Seaport shares post-offering, diluting its stake from 43% to roughly 33%.
1. Seaport IPO Details
Seaport Therapeutics sold 14.16 million shares at $18 each in its Nasdaq Global Select IPO, generating $254.9 million in gross proceeds. Underwriters can purchase an additional 2.124 million shares at the IPO price within 30 days, and the company will trade under ticker SPTX once the offering closes on May 4.
2. Impact on PureTech Health
PureTech Health shares jumped 9.56% to 139.8p in London trading as its post-IPO stake in Seaport will be approximately 16.68 million shares. This position reflects dilution from roughly 43% to 33%, adjusting the valuation of PureTech’s investment in its clinical-stage neuropsychiatry affiliate.