(Bloomberg) -- Veradermics Inc., a biopharmaceutical firm focused on hair restoration, raised $256.3 million in an upsized US initial public offering priced above the top of its marketed range.

The Longitude Capital-backed company sold about 15 million shares at $17 each, according to a statement Tuesday. The New Haven, Connecticut-based firm had marketed 13.35 million shares for $14 to $16 each.

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At the IPO price, Veradermics has a market value of about $596 million based on the outstanding shares listed in its filings.

Wellington Management had indicated interest in purchasing as much as $30 million in shares at the IPO price, according to the filings. Eli Lilly & Co. also indicated it would take as much as 4.9% of the biotech’s outstanding shares.

The listing kicks off a busy week of IPOs on US exchanges, with eight companies including Veradermics expected to price and trade offerings raising at least $100 million. That’s the highest number of IPOs in a week since November 2021, data compiled by Bloomberg show.

Founded in 2019, the late clinical-stage biopharmaceutical firm is developing its lead therapy to treat mild-to-moderate pattern hair loss, according to its filing. Veradermics’ experimental non-hormonal hair loss treatment is in late stage trials.

Veradermics reported a net loss of $48.1 million for the nine months ended Sept. 30, compared with a net loss of $20.8 million a year earlier, the filings show.

The offering is being led by Jefferies Financial Group Inc., Leerink Partners, Citigroup Inc. and Cantor Fitzgerald. The company’s shares are expected to trade on the New York Stock Exchange under the symbol MANE.

--With assistance from Anthony Hughes.

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