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IPO of Turning Point Therapeutics raises net asset value per HBM-share by 1.4 per cent

Turning Point Therapeutics (formerly TP Therapeutics, Nasdaq: TPTX), a so far privately held company in the portfolio of HBM Healthcare Investments, has delivered a spectacular start in its IPO yesterday. Due to the high demand, the company increased the number of newly issued shares by around a quarter to 9.25 million new shares. The shares were placed at the upper end of the price range at USD 18.00 per share, raising gross proceeds of USD 166.5 million for the company. On yesterday’s first trading day, the stock price rose to USD 28.90 (+60.6%).