News

Alto Neuroscience Sets Price Range for IPO

James L. Flint

• January 29, 2024

By Colin Kellaher

Alto Neuroscience, a clinical-stage biopharmaceutical company based in Los Altos, California, has announced the price range for its upcoming initial public offering (IPO). The company plans to sell 6.7 million shares at a price between $14 and $16 per share.

If the shares are sold at the midpoint of $15, Alto Neuroscience expects to generate approximately $89 million in net proceeds. This number could increase to around $103 million if the underwriters exercise their option to buy an additional 1.01 million shares.

Alto Neuroscience specializes in the development of personalized psychiatric treatment options. The company believes that the funds raised from the IPO, combined with its existing resources, will be sufficient to cover its operating expenses and capital-spending needs for at least the next 24 months.

Following the completion of the offering, Alto Neuroscience will have approximately 25.2 million shares outstanding, assuming the overallotment option is exercised. This translates to a market capitalization that exceeds $378 million, based on the $15 per share pricing midpoint.

The company's shares have received approval for listing on the New York Stock Exchange and will trade under the symbol ANRO.