Boulder’s Nivalis Therapeutics upsizes IPO, shares climb on first day

BOULDER — Shares of Nivalis Therapeutics Inc. spiked 27 percent in early trading Wednesday before leveling off a bit following the company’s upsized initial public offering that could now raise more than $88 million.

Boulder-based Nivalis, a clinical-stage company that is developing drug candidates for the treatment of cystic fibrosis, priced its initial public offering of 5.5 million shares at $14 per share on Tuesday night. The company had originally disclosed in regulatory filings that it planned to sell only 4.3 million shares.

If all the shares sell, the IPO would raise $77 million in gross proceeds for the company. But underwriters…