(Reuters) - Shares of Maravai LifeSciences Holdings Inc MRVI.O, which provides a capping reagent to Pfizer and BioNTech for their COVID-19 vaccine, rose 18.3% in their market debut on Friday after the company raised $1.62 billion in its upsized initial public offering.
The biomedical company’s shares opened at $31.95, above its IPO price of $27 per share.
Maravai, backed by private equity firm GTCR, had earlier priced its upsized offering of 60 million shares on the Nasdaq at the top end of its range of $24 and $27 apiece.
The IPO values Maravai at $8.12 billion at the debut price.
Pfizer, which contributed 14% to Maravai’s nine-month revenue, on Wednesday reported final trial results that showed the vaccine had a 95% success rate and no serious side effects.
A recent study estimated that capping reagents amount to more than half the total operating cost when manufacturing mRNAA vaccines, highlighting their importance in the coming months as these vaccines are produced in large scale.
Medical sterilization firm Sotera Health Co SHC.O, backed by private equity firms Warburg Pincus and GTCR, opened up about 17% at $27 minutes before Maravai's debut.
U.S. capital markets have already seen several blockbuster IPOs this year.
Reporting by Noor Zainab Hussain, Ankur Banerjee and Nivedita Balu in Bengaluru; Editing by Maju Samuel
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