: Sagimet Biosciences sets IPO terms, to raise up to about $80 million

Sagimet Biosciences Inc. SGMT disclosed Monday terms for its initial public offering, in which the California-based biopharmaceutical company focused on developing treatments for nonalcoholic steatohepatitis (NASH) looks to raise up to $79.7 million. The company is offering 4.69 million shares in the IPO, which is expected to price between $15 and $17 a share. The pricing would value the company at up to $366.35 million. The stock is expected to list on the Nasdaq exchange under the ticker symbol “SGMT.” Goldman Sachs, TD Cowen, Piper Sandler and JMP Securities are the underwriters. The company recorded a net loss of $6.5 million on no revenue during the first quarter, after a loss of $8.7 million on no revenue in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO exchange-traded fund IPO has hiked up 15.3% over the past three months while the S&P 500 SPX has advanced 7.1%.

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