Legend Biotech shares jump nearly 61% in U.S. market debut

(Reuters) – Shares of Legend Biotech , a cell therapy unit owned by Hong Kong-listed Genscript Biotech , jumped nearly 61% in their stock market debut, signaling strong investor appetite for new listings.

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

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

(Reporting by Reporting by C Nivedita and Noor Zainab Hussain in Bengaluru; editing by Uttaresh.V)