CARGO’s $281M IPO could be the last listing of 2023 after market’s ‘drastic turn’

CARGO Therapeutics will join the Nasdaq on Friday morning in what some industry insiders think could be the final, maybe penultimate, initial public offering for a biotech this year.

The CAR-T cell therapy maker will raise about $281 million by selling 18.75 million shares at $15 apiece {CRGX}, the low end of the range it proposed earlier this week. CARGO’s Wall Street entry is one of the industry’s largest IPOs of the year, and like 2022, this year has been a relatively dismal period for listings after 2021 fizzled out and the boon in 2020.

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