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ATAI Life Sciences sets IPO terms, to be valued at up to $2.3 billion

ATAI Life Sciences N.V. has set terms for its initial public offering, in which the Germany-based biopharmaceutical company focused on mental health disorders looks to raise up to $214.3 million and be valued at up to $2.28 billion. The company is offering 14.29 million shares in the IPO, which is expected to price between $15 and $17 a share. ATAI expects 151.86 million shares to be outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol “ATAI.” Credit Suisse, Citigroup, Cowen and Berenberg are the lead underwriters. The company recorded a net loss of $169.8 million in 2020 on no revenue, after a loss of $24.1 million on no revenue in 2019. The company is looking to go public at a time that the iShares Nasdaq Biotechnology ETF has edged up 3.7% over the past three months, while the Renaissance IPO ETF has slipped 4.2% and the S&P 500 has gained 7.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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