BX Blackstone Inc

By Colin Kellaher

Praxis Precision Medicines Inc. on Thursday increased the size of its planned initial public offering and raised the lower end of the expected price range.

The Cambridge, Mass., clinical-stage biopharmaceutical company said it now expects to sell 10 million shares at between $17 and $18 apiece in the IPO, up from prior plans to offer 7.4 million shares at $16 to $18 each.

At the $17.50 midpoint of the revised range, Praxis said it expects net proceeds of about $159.5 million, or roughly $183.9 million if the underwriters exercise an option to buy an additional 1.5 million shares.

Praxis said it would have about 38.2 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a valuation of about $669 million at the $17.50-a-share midpoint.

Entities affiliated with investment firm Blackstone Group Inc. currently own about 31.8% of Praxis and will still hold a 23.1% stake after the IPO.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 15, 2020 07:39 ET (11:39 GMT)

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