Rani Therapeutics Holdings (NSDQ:RANI) recently announced the closing of its initial public offering (IPO) of 7,666,667 shares of its Class A common stock.
The stock began trading at $11, trailing the company’s expected range of $14 to $16. Today, the stock closed at $18.61, representing a 69.18% increase.
RANI shares were trading even higher on August 11 when they hit $22.94.
Rani announced that the company had generated approximately $84.3 million from the IPO before deducting underwriting discounts, commissions and expenses.
The company is developing an orally administered capsule known as the RaniPill to serve as an alternative to subcutaneous injections of biologics.
The platform can deliver both peptides and antibodies.
The company is planning on initiating a repeat dose, IDE study next year. The company hopes the study will “interrogate and establish the safety and tolerability of the RaniPill platform with a surrogate tracer in place of a specific biologic,” said Talat Imran, the company’s CEO.
The company’s market cap is now $662.51 million. Last November, venture pegged its valuation at $600 million.