A California biotechnology company experienced a strong first day on Wall Street Friday, with its stock price climbing 33% during its initial public offering on the Nasdaq exchange, bringing the company’s market value to $1.53 billion.
Alamar Biosciences, headquartered in Fremont, California, saw its shares begin trading at $22.60 each, well above the initial offering price of $17 per share.
The biotech firm completed an expanded public offering, selling approximately 11.3 million shares at the highest end of its projected price range between $15 and $17 per share, generating $191.3 million in proceeds.
Established in 2018, the company specializes in creating technology that can identify minute levels of protein biomarkers present in blood samples, which supports medical research and diagnostic applications for various diseases.
