DUBLIN Inventiva SA raised €48 million ($50.9 million) in the third European biotech IPO of 2017. The Dijon, France-based drug developer priced the offer at €8.50 per share, at the bottom of the indicative range of €8.50 to €9.75 it set at the start of the bookbuilding process. The IPO price implies a market cap of about €133.3 million. The stock, which trades under the ticker symbol IVA, ended its first day on the Euronext in Paris in positive territory, at €8.58.
There was a reasonable appetite for the offering, as the company managed to offload approximately 5.65 million new shares, having originally planned to issue just 5.3 million. Approximately 304,000 additional shares are available to cover the overallotment option. The transaction attracted European and American institutional investors as well as