Alumis Inc. and LandBridge Co. Face Underwhelming IPOs

Alumis Inc. and LandBridge Co. Face Underwhelming IPOs

Lorenzo Montalbano
3 min read

Alumis Inc. and LandBridge Co. Face Underwhelming IPOs

Alumis Inc., a biopharmaceutical company, witnessed a 20% drop in share prices during its IPO debut, raising $250 million at $12.70 per share. This placed the company's valuation at $660 million. Conversely, LandBridge Co. raised $246.5 million in its IPO, pricing shares at $17 each and achieving a market value of approximately $1.2 billion. Both companies encountered challenges with scaled-down offerings and lower-than-anticipated share prices, reflecting cautious investor sentiment.

Alumis, headquartered in South San Francisco, primarily focuses on therapies for immune-mediated diseases and is currently in the process of developing two Tyrosine Kinase 2 inhibitor product candidates. The company reported a net loss of $155 million in 2023, an increase from $111.9 million in the preceding year. Its IPO was underwritten by Morgan Stanley, Leerink Partners, Cantor Fitzgerald, and Guggenheim Securities, and its shares are now being traded on the Nasdaq Global Market under the symbol ALMS.

On the other hand, LandBridge, which possesses land utilized in oil and gas production in the Permian Basin, priced its shares below the predicted range at $17 each, after initially aiming for $19 to $22. The company owns approximately 220,000 surface acres in the Delaware sub-basin and holds contracts with WaterBridge Holdings LLC. LandBridge intends to utilize the net proceeds to repay debt and pay LandBridge Holdings. The offering was led by Goldman Sachs Group Inc., Barclays Plc, and Wells Fargo & Co., and its shares are trading on the New York Stock Exchange under the symbol LB.

Key Takeaways

  • Alumis Inc. experienced a 20% decline in share prices during its IPO debut, raising $250 million.
  • LandBridge Co. raised $246.5 million in its IPO, pricing shares at $17 each.
  • Both IPOs encountered scaled-down offerings and lower-than-expected share prices.
  • Alumis, a biopharmaceutical company, has a market value of $660 million.
  • LandBridge, with a market value of $1.2 billion, owns land in the Permian Basin.


It is suggested that investor caution amid market volatility likely contributed to the underwhelming IPOs of Alumis and LandBridge. Alumis's substantial losses and LandBridge's plans for debt repayment may have dampened investor enthusiasm. In the short term, both companies face reputational damage and potential funding constraints. Looking ahead, they must demonstrate growth potential to regain investor confidence. Financial institutions involved, such as Morgan Stanley and Goldman Sachs, may witness reputational impacts and reduced IPO deal flow.

Did You Know?

  • Tyrosine Kinase 2 (TYK2) Inhibitors:
    • TYK2 is a kinase enzyme involved in the JAK-STAT signaling pathway, which plays a crucial role in immune response regulation. Inhibitors of TYK2 are used to develop drugs that can modulate immune responses, potentially treating autoimmune diseases and inflammatory conditions. Alumis' focus on TYK2 inhibitors indicates their interest in developing novel therapies for immune-mediated diseases, which could be a significant area of innovation in biopharmaceuticals.
  • Permian Basin:
    • The Permian Basin is one of the most prolific oil and gas producing regions in the United States, located primarily in West Texas and southeastern New Mexico. It is known for its rich deposits of hydrocarbons and has been a major focus for energy companies due to its high production volumes and strategic importance in the global energy market. LandBridge's ownership of land in this region underscores its role in the oil and gas industry, particularly in the context of extraction and production activities.
  • Nasdaq Global Market vs. New York Stock Exchange (NYSE):
    • The Nasdaq Global Market and the New York Stock Exchange are two of the largest and most prestigious stock exchanges in the world. Nasdaq is known for its focus on technology and growth companies, often featuring a higher proportion of smaller, innovative firms. In contrast, the NYSE is traditionally associated with larger, more established companies. The choice of exchange can reflect a company's strategic positioning and target investor base. Alumis listing on Nasdaq and LandBridge on NYSE highlights these different market environments and investor expectations.

You May Also Like

This article is submitted by our user under the News Submission Rules and Guidelines. The cover photo is computer generated art for illustrative purposes only; not indicative of factual content. If you believe this article infringes upon copyright rights, please do not hesitate to report it by sending an email to us. Your vigilance and cooperation are invaluable in helping us maintain a respectful and legally compliant community.

Subscribe to our Newsletter

Get the latest in enterprise business and tech with exclusive peeks at our new offerings