(Reuters) – Bicara Therapeutics, a TPG-backed biopharmaceutical company developing a therapy targeting tumors, said on Wednesday it plans to raise up to $265 million through an upsized initial public offering (IPO) in the United States.
This marks an increase from the previous target of raising up to $212 million. The company has maintained its valuation target at $828 million.
Expectations of a forthcoming rate cut is motivating several startups to consider listing their shares. However, successfully executing an IPO in the near future may prove challenging as investors grow wary due to a slowdown in the labor market.
A closely monitored segment of the U.S. Treasury yield curve reverted to normal last month after being inverted for two years, an indicator that has traditionally suggested an impending economic downturn.
Boston-based Bicara plans to list its common stock on Nasdaq, trading under the symbol “BCAX”.
The IPO will be underwritten by Morgan Stanley, TD Cowen, Cantor, and Stifel.
(Reporting by Niket Nishant in Bengaluru; Editing by Mohammed Safi Shamsi)
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