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Royalty Pharma Plc said on Monday it is looking to raise up to $1.96 billion in an initial public offering, which would make it the biggest U.S. listing of the year so far.

The company, which buys biopharmaceutical royalties and also helps fund new treatments, plans to list at a time the IPO market is beginning to gather steam after a prolonged dry spell due to the COVID-19 pandemic.

Royalty Pharma said in a regulatory filing it plans to offer 70 million shares at a target price range of $25-$28 per share. The top end of the range values the company at $16.67 billion.

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Recording label Warner Music Group sold $1.93 billion in stock in its market debut last week, making it the largest U.S. listing of 2020 so far.

Royalty Pharma’s revenue rose 15% to $500.9 million for the three months ended March 2020, compared with a year earlier. Operating income fell 16% to $361.4 million in the same period. The company’s investors include Adage Capital Management and Nogra Group.

The company is looking to list shares on the Nasdaq under the symbol “RPRX”.

JPMorgan, Morgan Stanley and BofA Securities are among the IPO’s lead underwriters.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

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