Legend Biotech's shares jump almost 61% on debut in the US market

(Reuters) – Shares of Legend Biotech LEGN.O, a cell therapy unit owned by Genscript Biotech, listed in Hong Kong (1548.HK), jumped almost 61% on its debut in the stock market, signaling strong investor appetite for new listings.

Legend Biotech's shares opened at $ 37, giving the company a market valuation of $ 4.79 billion.

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Earlier in the day, Legend Biotech raised $ 423.8 million in its initial public offering of 18.4 million shares, after the price of $ 23 per share, above the marketed range of $ 18 to $ 20 by American Depositary Share.

Reporting by C Nivedita and Noor Zainab Hussain in Bengaluru; edition by Uttaresh.V

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