Bicara Therapeutics aims for up to $828 million valuation in U.S. IPO

(Reuters) - Bicara Therapeutics said on Friday it is seeking a valuation of up to $828 million in its initial public offering in the United States, as new listings continue to flock the markets.

The company, backed by global alternative asset management firm TPG and Indian biopharmaceutical firm Biocon, is aiming to raise $211.8 million by selling about 11.8 million shares priced between $16 and $18 apiece, it said in a regulatory filing.

Capital markets have turned the corner in 2024 with the second half expected to be more stronger than the first. A possible interest rate cut this month and strong market rally has increased the number of companies waiting in the pipeline that are seeking to go public.

Boston-based Bicara is a clinical-stage biopharmaceutical company that develops therapies to improve outcomes for cancer patients.

The company plans to list its common stock on Nasdaq under the symbol "BCAX".

Morgan Stanley and TD Cowen are among the lead underwriters for the IPO.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh Kuber)