Titan Pharmaceuticals Inc (TTNP)

[Doctor Detroit]

Turks..yes check out page 10 of amended S-1 I posted. 7.7 million shares offered (the public float), and Apple Tree owning another 22 million shares or so.

Underwriters are now trying to fill their books with orders. Once they are done, and the offering is sold, the final pricing will occur. Pricing is dependent on demand. According to the S-1, it could be anywhere from $18 to $21 per share, which means that underwriters have verbal commitments to buy 7.7 million in shares in that range.

Actual IPO price won't be known until the offering closes and its actually time to buy. At $18, the market cap is 29.5 outstanding x $18 = $531 million. At $21, the market cap is 29.5 outstanding x $21 = $619.5 million.

Remember, underwriters try to price an offering a little low, so that there is a price "pop" after an IPO. That way, their customers who get in on the ipo can flip quickly if they choose for a 10-15% gain.