City Therapeutics closes IPO with full option, raising $230 million gross
City confirmed completion on 19 October. Full exercise of the banks' option increased the share count and gross proceeds beyond the original base offering.
City Therapeutics confirmed on 19 October 2026 that its IPO had closed, including full exercise of the underwriters' option. The company sold 12,777,777 shares at $18 each and reported approximately $230 million in gross proceeds. This is a completed financing milestone, rather than another indication of the expected timetable. Company closing announcement
The original base deal, priced on 15 October, covered 11,111,111 shares for approximately $200 million. The additional allocation therefore contributed about $30 million at the unchanged offer price. That increase reflects more shares issued, rather than a revision to the price investors paid in the IPO. Pricing announcement
The distinction between gross and net remains important. The headline total precedes commissions and other transaction expenses, so it should not be read as the exact cash available for research. All shares were issued by City, meaning the offering provided company capital rather than proceeds for selling shareholders.
The close also makes the chronology clearer. Pricing established the terms; trading started on 16 October under CTY on the Nasdaq Global Market; settlement followed on 19 October. Those events answer different questions about the financing and should retain their own dates. Keeping them separate also makes later comparisons between offerings more reliable.
City's regulatory filing separately records changes to its certificate of incorporation in connection with completion of the IPO. Investors now have a confirmed transaction to assess, while the financing itself does not demonstrate the effectiveness of a treatment or resolve the development risks associated with a biotechnology business. Regulatory filing