Biotech MapLight Jumps 8% in First US IPO Using Shutdown Fix (1)

MapLight Therapeutics Inc. shares closed 8% higher in its trading debut after the biotechnology firm raised $258.9 million in an initial public offering and private placement.

Shares of the Redwood City, California-based firm ended at $18.34 each on Monday, above an IPO price of $17 apiece. The company sold 14.75 million shares Sunday, and affiliates of funds managed by Goldman Sachs Group Inc. bought 476,707 MapLight shares at the IPO price.

MapLight’s offering comes as the clinical-stage schizophrenia disease specialist forged ahead despite the government shutdown preventing the US Securities and Exchange Commission from declaring companies’ IPO paperwork effective. While ...