HilleVax Inc. /zigman2/quotes/234952647/composite HLVX +0.95% has set terms for its initial public offering, in which the Massachusetts-based biopharmaceutical company that focuses on developing novel vaccines looks to raise up to $185.3 million. The company said it is offering 10.29 million shares in the IPO, which is expected to price between $16 and $18 a share. With 30.19 million shares expected to be outstanding after the IPO, the expected pricing range could value the company at up to $543.45 million. HilleVax's stock is expected to list on the Nasdaq under the ticker symbol "HLVX." J.P. Morgan, SVB Securities, Stifel and Guggenheim Securities are the underwriters. The company recorded a net loss of $102.4 million on no revenue in 2021 after a loss of $2.1 million on no revenue in 2020. The company is looking to go public at a rough time for recent IPOs, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +0.56% has plunged 36.5% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.18% has lost 10.4%.