Turnstone Biologics set to go public as upsized $80 million IPO pricing at low end of expected range

Turnstone Biologics Corp.
TSBX,

is headed for its public debut Friday, as the San Diego-based biotechnology company focused on treating tumors raised $80 million through an upsized initial public offering. The company said it sold 6.67 million shares in the IPO, up from a previously expected offering of 5.80 million shares. The IPO priced at $12 a share, compared with the expected pricing range of between $12 and $14 a share. At the IPO pricing, the company was valued at $225.86 million. The stock is expected to start trading Friday on the Nasdaq exchange under the ticker symbol “TSBX.” The company reported net income of $68,000 on collaboration revenue of $19.3 million in the first quarter, after a loss of $12.6 million on collaboration revenue of $10.7 million in the same period a year ago. The company is going public at a time of relatively strong investor interest in IPO shares, as the Renaissance IPO exchange-traded fund
IPO,
-2.81%
has run up 23.6% over the past three months, while the S&P 500
SPX,
-0.68%
has gained 9.7%.