Lyra Therapeutics (LYRA) IPO Opens 31% Higher

Today's IPO for Lyra Therapeutics, Inc. (NASDAQ: LYRA) opened for trading at $21 after pricing 3,500,000 shares of common stock at a public offering price of $16 per share, before deducting underwriting discounts and commissions.

In addition, Lyra has granted the underwriters a 30-day option to purchase up to an additional 525,000 shares of its common stock at the initial public offering price less the underwriting discounts and commissions. The gross proceeds of the offering are expected to be $56.0 million, excluding any exercise of the underwriters’ option.

BofA Securities, Jefferies and William Blair are acting as joint book-running managers for the offering. BTIG is acting as a co-manager for the offering.

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