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BridgeBio boosts shares to be sold in IPO by 33%

Tomi Kilgore

BridgeBio Pharma LLC increased the number of shares it will be offering in its initial public offering by 33% to 20 million from 15 million, according to a filing with the Securities and Exchange Commission on Wednesday. The number of shares to be outstanding after the IPO increased to 120 million shares from 115 million. The expected pricing of the IPO remains at $14 to $16 a share, so the drug discovery company will now be looking to raise up $320 million and will be valued at about $1.92 billion, before the lead underwriters exercise any options to buy up to 3 million additional shares. The company said its stock has been approved to list on the Nasdaq under the ticker symbol "BBIO." The company increased its share offering at a time the Renaissance IPO ETF has gained 1.8% over the past three months and the S&P 500 has tacked on 3.5%.