Midpoint pricing, oversubscribed offering: Bambusa (BBTX.US) IPO raises US$169 million, market cap set at US$815 million

Bambusa Therapeutics Inc. (BBTX.US), an early-stage biotech company focused on dermatological and autoimmune diseases, raised US$169 million in an upsized US initial public offering (IPO), with the offering price set at the midpoint of the marketed range. According to a statement released Thursday, the biotech company sold 10.556 million shares at US$16 apiece. A previously filed document showed the company had originally planned to offer 9.375 million shares at US$15 to US$17 each. Based on the IPO price and the number of shares outstanding listed in the filing, Bambusa's market capitalization is US$815 million. According to previously filed documents, the Boston-based company is developing long-acting bispecific antibodies to address unmet needs in the global immunology and inflammation market, covering dermatology, respiratory, gastroenterology and autoimmune disease areas. Founded in 2024, Bambusa's lead drug candidates come from its earlier acquisition of assets from a business unit of BioNTech SE (BNTX.US): the first is for the treatment of atopic dermatitis (commonly known as eczema), and the second is for other inflammatory diseases including respiratory and allergic conditions. The filing shows that Salvia Investment is expected to hold nearly 18% of shares after the IPO, followed by co-founder and former BioNTech executive Shanshan Xu with 17%, and RA Capital Management with 9%. According to a statement at the time, Bambusa completed a financing round last November, with participation from existing investors RA Capital, Janus Henderson Investors and KKR-controlled Dawn Biopharma. The filing shows that the round raised US$33.1 million, with the valuation significantly higher than the US$89 million financing round earlier that year. As of the end of June, Bambusa held US$71.5 million in cash and equivalents. The filing shows that for the six months ended June 30, 2026, the company had zero revenue and a net loss of US$22.4 million, compared with a zero-revenue net loss of US$13 million in the same period a year earlier. The IPO was led by Bank of America Corp, Evercore Inc., UBS Group AG and Cantor Fitzgerald. Bambusa expects its shares to begin trading Friday on the Nasdaq Global Select Market under the ticker symbol BBTX.