Nvidia-backed AI drug discovery company Iambic prices IPO at $16, expected to raise $150 million.

On October 14 local time, AI drug discovery company Iambic Therapeutics announced the pricing of its initial public offering at $16 per share, offering 9.375 million shares, expecting to raise $150 million, with underwriters receiving an option to purchase up to an additional 1.40625 million shares within 30 days. The company's shares are expected to begin trading on the Nasdaq Global Select Market on October 15 under the ticker symbol "IAM," and the offering is expected to close on October 16. JPMorgan, Jefferies, BofA Securities, and Citigroup are serving as joint book-running managers. Iambic uses artificial intelligence combined with automated chemistry and biology experimental technologies to advance drug development, and its candidate drug IAM1363 has entered the clinical stage. Nvidia has previously participated in supporting the company's financing.