SoftBank-backed Neumora bags $2.51 billion valuation in lackluster debut

Shares of Neumora Therapeutics , which is backed by Amgen and Japan’s SoftBank , fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion.

The Watertown, Massachusetts-based company’s shares debuted at $16.50 per share on Nasdaq, below the offer price of $17 apiece.

The ongoing surge in listings points to a nascent recovery in the U.S. IPO market amid growing expectations of a pause in interest rate hikes by the Federal Reserve.

Neumora, which is developing drugs for brain diseases, raised $250 million by selling 14.7 million shares priced at the mid-point of its previously disclosed range. That gave the IPO a valuation of $2.58 billion.

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