The Wall Street Journal: Moderna prices IPO at $23 a share, set to raise at least $500 million

Moderna Inc. staged one of the biggest initial public offerings for a biotechnology company late Thursday, a bright spot in an otherwise tumultuous market.

Moderna sold its shares at $23 apiece, in line with expectations on the eve of its trading debut. At that midpoint of its proposed pricing range, the deal was set to raise at least $500 million and value Moderna at roughly $7.5 billion.

Read: Moderna IPO: 5 things to know about potentially the largest U.S. biotech IPO in history

The listing is expected to be one of the last big IPOs in a year that has ushered in more than 200 new listings, raised more than $58 billion and is set to be the busiest since 2014. Pricing within range bodes well for the resiliency of the IPO market even as sharp stock swings have become more common.

The next test will be how Moderna’s shares trade. They are set to make their stock-market debut Friday on the Nasdaq Global Market under the stock symbol MRNA, +0.00%   .

An expanded version of this report appears on WSJ.com.

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