Benzinga | Jul 15, 2020 05:39AM EDT

Biopharmaceutical Company Nkarta Raises $290M In IPO

Nkarta Inc. (NASDAQ:NKTX) announced on Tuesday the underwriters for its initial public offering have completely exercised their overallotment option to purchase 2.1 million additional shares.

This brings the biopharmaceutical company's total amount raised in the IPO to $289.8 million. It had priced 14 million shares at $18 each in the IPO on Friday.

Nkarta's shares listed under the ticker "NKTX" at the Nasdaq Stock Market, and have more than doubled in the first three sessions of trading.

The San Francisco-based company, founded in 2015, is working on improving the efficacy of cell therapy.

It previously raised $125 million in two funding rounds, according to data from Crunchbase.

Nkarta shares closed 6.4% lower at $36.05 on Tuesday and inched further lower at $36 in the after-hours session.