Biopharma firm Poseida Therapeutics raised more than $204m (€181m) as it floated on the Nasdaq Global Select Market yesterday.
The New York IPO priced Poseida at $16 (€14.15) for each of 14 million shares being issued. It raised $224m gross before deducting the considerable costs of listing.
Its shares fluctuated sharply in the opening hours of trade, rising as high as $17 and as low as $15.20 before returning close to the launch price.
Poseida has granted the underwriters a 30-day option to purchase up to an additional 2.1 million shares of common stock at the IPO price.
State-backed Malin is a major investor in Poseida, which is based in San Diego, California.
On the back of Poseida's pricing, the value of Malin's shareholding increased to approximately €130m, more than 17pc higher than at the start of the year.
Proceeds from the IPO will be used to fund development of Poseida's products and to progress its clinical cell therapies in the field of CAR-T (chimeric antigen receptor T-cell) treatments. These therapies seek to use a patient's own immune system to battle blood cancers and tumours.
Davy analyst Andrew Young said pricing Poseida's IPO at the top end of its expected range, and increasing the offering from an initial plan of 10 million shares, "are indicative of the healthy demand".
Dublin-based Malin, which invests in life sciences companies, will see its 23pc stake in Poseida reduce to 15pc because of the IPO's issue of new equity.
Malin's own shares rose 2pc to close at €5.00 in Dublin yesterday.
Malin chief executive Darragh Lyons said: "Since Malin first invested in Poseida in 2015, the company has made tremendous progress in utilising its proprietary gene engineering technologies to create next-generation cell and gene therapies. The IPO represents a further significant milestone in the Poseida journey. As early investors in Poseida, we look forward to continuing to support the company as it seeks to deliver transformational treatments to patients."
Poseida is one of four priority assets for Malin. The others are Immunocore, Viamet and Kymab, a clinical-stage biopharmaceutical company.
The company also has stakes in four "growth potential" assets.
The value of Malin's investments fell last year by 9pc to €366m.