San Diego Business Journal

Ambit Makes Market Debut

Friday, May 17, 2013

Ambit Biosciences Corp. began trading yesterday on the Nasdaq, announcing the pricing of its initial public offering at $8 per share. At market close, it traded at $7.30 per share.

It offered 8,125,000 shares, expecting to raise $65 million.

It initially planned to offer a price of $13 to $15 per share to raise $65 million, but reduced the share price and increased the stock volume.

The company amended its IPO pricing several times — from an $86.3 million proposal in April, and its $57.5 million proposal in February.

And this isn’t the first time that Ambit Biosciences was interested in going public. In June 2011, the company withdrew its request with the U.S. Securities and Exchange Commission to raise about $86 million through an initial public offering. It said in a regulatory filing that the IPO would have been a discretionary financing, and that the terms available at the time in the marketplace weren’t attractive enough to proceed.

— Meghana Keshavan