BioAge posts double-digit percentage gain after IPO; natural-gas producer BKV rises in debut

MW BioAge posts double-digit percentage gain after IPO; natural-gas producer BKV rises in debut

By Steve Gelsi

Obesity-drug developer BioAge jumps nearly 30% after its IPO, while Texas-based Barnett Shale driller BKV posts more modest gain

Obesity-drug developer BioAge Labs Inc. gained nearly 30% after its initial public offering on Thursday, while natural-gas producer BKV Inc.'s rose about 3% over its $18 IPO price.

BioAge (BIOA) stock opened at $22.50 and recently changed hands at $22.86 a share for a gain of nearly 30% over its $18-a-share IPO price.

BKV's stock $(BKV)$ opened at $18.55 a share, above its $18 IPO price, and traded at $18.51 a share at midday.

BioAge Labs prices at $18 a share

Richmond, Calif.-based BioAge Labs (BIOA) priced 11 million shares at $18 each, the middle of its $17 to $19 price range.

The company raised $198 million with underwriters Goldman Sachs, Morgan Stanley, Jefferies and Citigroup.

BioAge defines itself as a clinical-stage biopharmaceutical company developing drugs for metabolic diseases, such as obesity, by targeting human aging.

Its lead product candidate is Azelaprag, an obesity treatment that's in Phase 1 trials for approval by the U.S. Food and Drug Administration.

BKV misses IPO price range

Denver-based BKV's IPO priced below its estimated range of $19 to $21.

The Barnett Shale natural-gas producer raised $270 million by offering 15 million shares with underwriters Citigroup, Barclays, Evercore ISI, Jefferies and Mizuho.

BKV Chief Executive Christopher P. Kalnin was previously an executive at Level 3 Communications, as well as former chief executive of PTT Exploration, an oil-and-gas production company based in Thailand. He founded BKV in 2015.

Banpu North America Corp. (TH:BANPU) will own about 76% of BKV's stock after it goes public.

-Steve Gelsi

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September 26, 2024 12:50 ET (16:50 GMT)

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