Upstream Bio Increases Share IPO to 15 Million Shares at $17 Each

Upstream Bio, Inc. (Nasdaq: UPB) has announced the pricing of its expanded initial public offering, which will consist of 15,000,000 shares of common stock priced at $17.00 per share. All shares are being offered by Upstream. The company’s stock is set to begin trading on the Nasdaq Global Market on October 11, 2024, under the ticker symbol “UPB.” The offering is anticipated to close on October 15, 2024, pending the fulfillment of standard closing conditions. Additionally, Upstream has provided the underwriters with a 30-day option to acquire an extra 2,250,000 shares at the public offering price, minus any underwriting discounts and commissions.

J.P. Morgan, TD Cowen, Piper Sandler, and William Blair are acting as joint book-running managers for the offering.

The expected gross proceeds from the initial public offering, before accounting for underwriting discounts, commissions, and other offering expenses, are estimated to be $255 million.

Registration statements related to the shares being sold in the initial public offering were submitted to the Securities and Exchange Commission and became effective on October 10, 2024. The offering will only be conducted through a prospectus. When available, the final prospectus can be requested from the respective underwriting firms.

This announcement