Cargo Therapeutics IPO prices at $15 a share, low end of proposed range

Cargo Therapeutics
CRGX,
,
 a clinical-stage biotech specializing in cancer treatments, said late Thursday its initial public offering priced at $15 a share, the low end of its range. The company sold 18.8 million shares to raise $282 million at a valuation of $580.5 million.  JP Morgan, Jefferies, TD Cowen and Truist Securities were the underwriters on the deal. They have a 30-day option to purchase up to 2.8 million additional shares. Proceeds will be used to fund clinical development, R&D and for working capital and other general corporate purposes. The company is pre-revenue and loss-making, as is often the case for biotechs with no approved drugs. The stock will start trading later Friday on Nasdaq under the ticker “CRGX.” The Renaissance IPO ETF
IPO,
-1.43%
has gained 25% in the year to date, while the S&P 500
SPX,
-0.81%
has gained 13%.