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Investing.com -- Jyong Biotech Ltd., a Taiwan-based biotechnology company, saw its stock price double on Tuesday as it began trading on the Nasdaq Global Market under the ticker symbol "NASDAQ:MENS".
The company’s shares opened at $15 per share, representing a 100% increase from its initial public offering (IPO) price of $7.50 per share.
Jyong Biotech, which focuses on developing plant-derived drugs for urinary system diseases, priced its IPO at $7.50 per share on Monday. The company offered 2,666,667 ordinary shares to raise approximately $20 million in gross proceeds before deducting underwriting discounts and other offering expenses.
The science-driven biotechnology firm is committed to developing innovative treatments primarily for markets in the United States, European Union, and Asia.
As part of the offering, Jyong Biotech granted underwriters a 45-day option to purchase up to an additional 400,000 ordinary shares at the public offering price, less underwriting discounts, to cover any over-allotments. Joseph Stone Capital, LLC served as the sole underwriter for the IPO.
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