(Reuters) – Shares of Legend Biotech LEGN.O, a cell therapy unit owned by Hong Kong-listed Genscript Biotech (1548.HK), jumped nearly 61% in their stock market debut, signaling strong investor appetite for new listings.
Legend Biotech’s stock opened at $37, giving the company a market valuation of $4.79 billion.
Earlier in the day, Legend Biotech raised $423.8 million in its initial public offering of 18.4 million shares after pricing it at $23 per share, above its marketed range of $18 to $20 per American Depositary Share.
Reporting by Reporting by C Nivedita and Noor Zainab Hussain in Bengaluru; editing by Uttaresh.V
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