US IPO : Lipella Pharmaceuticals raises $7 million in IPO by offering 1.2 million shares at $5.75.

Lipella Pharmaceuticals is a nano-cap company that is developing reformulations of generic drugs for new applications.

The company conducted an initial public offering (IPO) and raised $7 million by offering 1.2 million shares at $5.75, which was the low end of the revised price range of $5.75 to $6.25.

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The IPO consisted of 4% more shares than originally planned in order to maintain the deal size at $7 million.

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The original price range for the IPO was $5.00 to $7.00, but this was narrowed earlier in the month.

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Lipella Pharmaceuticals is based in Pittsburgh, Pennsylvania and listed on the Nasdaq under the symbol LIPO.

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Spartan Capital Securities acted as the sole bookrunner for the deal.

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The fully diluted market value of Lipella Pharmaceuticals at pricing was $39 million.

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The company's IPO market cap was less than $50 million, so it is not included in Renaissance Capital's 2022 IPO statistics.

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