Rani Therapeutics (RANI) IPO Opens Modestly Higher After Weak Pricing

Today's IPO for Rani Therapeutics Holdings, Inc. (NASDAQ: RANI) opened for trading at $11.26 after pricing 6,666,667 shares of Class A common stock at a price to the public of $11.00 per share, below the expected $14-$16 range.

BofA Securities, Stifel, Cantor Fitzgerald and Canaccord Genuity are acting as lead bookrunning managers and BTIG is acting as co-manager for the offering.

Rani Therapeutics is a clinical stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics. Rani has developed the RaniPill capsule, which is a novel, proprietary and patented platform technology, intended to replace subcutaneous injection of biologics with oral dosing. Rani has successfully conducted several preclinical and clinical studies to evaluate safety, tolerability and bioavailability using the RaniPill™ capsule.

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