AbSci to go public as IPO prices in middle of expected range, valuing company at more than $1.4 billion

AbSci Corp. is headed for its public debut Thursday, after the Washington-based provider of an artificial intelligence-powered drug creation platform said overnight that its IPO priced at $16 a share, in the middle of the expected range. The company sold 12.5 million shares in the IPO to raise $200 million, and the IPO pricing valued the company at about $1.45 billion. The stock is expected to begin trading later Thursday on the Nasdaq under the ticker symbol "ABSI." The company is going public at a time that the Renaissance IPO ETF has gained 1.0% over the past three months while the S&P 500 has tacked on 5.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

AbSci to go public as IPO prices in middle of expected range, valuing company at more than $1.4 billion
AbSci Corp. is headed for its public debut Thursday, after the Washington-based provider of an artificial intelligence-powered drug creation platform said overnight that its IPO priced at $16 a share, in the middle of the expected range. The company sold 12.5 million shares in the IPO to raise $200 million, and the IPO pricing valued the company at about $1.45 billion. The stock is expected to begin trading later Thursday on the Nasdaq under the ticker symbol "ABSI." The company is going public at a time that the Renaissance IPO ETF has gained 1.0% over the past three months while the S&P 500 has tacked on 5.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.