Veradermics soars in NYSE debut after upsized $256.3 million IPO

Shares of hair-restoration drug developer Veradermics MANE.N more than double in New York Stock Exchange debut

Stock opened for trading at $34 and rose as high as $40; last up 126.5% at $38.5

MANE sold 15.1 million shares in an upsized IPO at $17 apiece to raise $256.3 million

It had earlier planned on selling 13.35 million shares priced between $14 and $16 apiece

MANE is developing treatments for pattern hair loss, a condition affecting roughly 50 million men and 30 million women in the United States

Pharma giant Eli Lilly LLY.N had indicated interest in buying up to 4.9% of MANE shares sold in the IPO

Jefferies, Leerink Partners, Citigroup, and Cantor were joint book-running managers for offering