Sagimet Biosciences (SGMT) Prices Upsized 5.31M Share IPO at $16/sh

July 14, 2023 5:44 AM EDT

Sagimet Biosciences Inc. (Nasdaq: SGMT) today announced the pricing of its upsized initial public offering of 5,312,500 shares of its Series A common stock at a public offering price of $16.00 per share. All of the shares of Series A common stock are being offered by Sagimet. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Sagimet, are expected to be $85.0 million. Sagimet’s Series A common stock is expected to begin trading on the Nasdaq Global Market on July 14, 2023 under the ticker symbol “SGMT.” The offering is expected to close on July 18, 2023, subject to the satisfaction of customary closing conditions. In addition, Sagimet has granted the underwriters a 30-day option to purchase up to an additional 796,875 shares of its Series A common stock at the initial public offering price, less underwriting discounts and commissions.

Goldman Sachs & Co. LLC, Cowen and Company, LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering. JMP Securities LLC is acting as the lead manager for the offering.

Registration statements relating to the shares being sold in this offering have been filed with the Securities and Exchange Commission and became effective on July 13, 2023. This offering is being made only by means of a written prospectus. Copies of the final prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by telephone at (833) 297-2926, or by email at [email protected]; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state, province, territory or other jurisdiction.

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