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Pliant Therapeutics Shares Jump in Debut

Pliant Therapeutics rose in its first day of trading. The IPO will net the company $144 million.
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Pliant Therapeutics shares jumped in their debut after the company priced its initial public offering of 9 million shares at $16. 

At last check, shares of the South San Francisco biopharma focused on therapies for fibrosis climbed 44% to $23.05. They've traded as high as $26, up 63%.

The IPO pricing was the high end of its estimated $14-to-$16-a-share range. 

The company expects $144 million of proceeds from the offering before underwriting discounts and other public-offering expenses. 

The underwriters also have a 30-day option to buy as many as 1.35 million more shares at the IPO price.

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In addition to the shares sold publicly today, PLRX also agreed to sell 625,000 shares at $16 each to Novartis  (NVS) - Get Novartis AG Sponsored ADR Report Institutes for BioMedical Research, one of its current investors. 

Pliant wasn't the only company joining the public markets Wednesday, with Warner Music shares jumping during its debut

Warner priced its IPO of 77 million shares at $25. The IPO valued the company at more than $13 billion.

Trading of WMG opened at $27 on the Nasdaq. Warner Music shares recently traded at $30.26, up 21%.

That compares with a 1.31% gain for the S&P 500 Wednesday and a 2.9% gain for the Russell 2000 index of small-cap stocks.

The company didn't issue new shares in the initial public offering. Instead, two entities controlled by the British investor Len Blavatnik are selling most of the shares. Blavatnik bought Warner Music in 2011.