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Firebrick Pharma (ASX: FRE) soared 160% on its ASX debut

Firebrick Pharma Ltd (ASX: FRE) has debuted on the Australian stock exchange today.

Following an IPO at $0.20/share raising $7 million, shares in the pharmaceutical developer skyrocketed 165% to close its debut session at $0.53/share.

An increase in listing price is a vote of confidence from the market about the future prospects of the company.

A decrease in the listing price can be interpreted in a number of ways, including whether the IPO was accurately priced.

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