Funding Daily Summary
Funding Daily Summary: What Happened on October 24, 2026
Lycia raises $317.5 million in IPO as shares gain 67%
The protein degrader company plans to use the proceeds to support three medicines for allergic conditions and Graves’ disease.
Today in brief
Lycia brought in $317.5 million through its upsized IPO, and its shares finished Friday 67% above the offering price.1 The proceeds are intended to support three protein-degrading medicines for allergic conditions and Graves’ disease.2
Lycia’s shares closed 67% above the IPO price
Lycia priced its upsized IPO at the top of its proposed range, giving the company a post-money valuation of $990.6 million.1 Shares closed at $30.06 on Friday, up from the $18 offering price, after reaching $36.49 during the session.1
The first-day share-price gain put Lycia’s valuation at nearly $1.7 billion.1