MAP Pharmaceuticals Inc. rises, additional shares purchased
MAP Pharmaceuticals’ (Nasdaq: MAPP) stock is looking solid following news before the start of trading that the underwriters of the company’s IPO have purchased an additional 750,000 shares.
The underwriters for the Oct. 5 public offering were Merrill Lynch & Co. (NYSE: MER) and Morgan Stanley & Co. (NYSE: MS), while Deutsche Bank Securities Inc. was co-lead manager. Mountain View, Calif.-based MAP Pharmaceuticals said that the three financial services giants have exercised their over-allotment option in full to purchase an additional 750,000 shares of common stock at the initial public offering price of $12 per share. That increases the total number of shares sold during the offering to 5.75 million, resulting in gross proceeds of $69 million.
At 11:43 a.m. ET, shares MAP Pharmaceuticals (MAPP) had advanced $2.02, or 13%, to $18.11.
