By Joshua Franklin and Rebecca Spalding

Royalty Pharma on Monday sold $2.18 billion (£1.7 billion) in stock after its U.S. initial public offering (IPO) was priced at the top end of the range, making it the second-largest pharmaceutical listing ever.

The deal is the latest in a string of successful U.S. IPOs in recent weeks and also signals that investor appetite for new stock is undiminished by recent market swings.

Royalty Pharma eclipses record label Warner Music Group's $1.93 billion IPO earlier this month as the largest U.S. listing so far this year, and is behind only Zoetis Inc as the largest pharma IPO of all time, according to data provider Dealogic.

It sold shares at $28 apiece, having last week set a target price range for the IPO of between $25 and $28 per share.

The company had aimed to sell 70 million shares but increased that amount by about 11% on the back of strong demand. The IPO values Royalty Pharma at $16.67 billion.

Royalty Pharma buys biopharmaceutical royalties and also helps fund new treatments. The company, which was founded in 1996, saw revenue rise 15% year on year for the first three months of 2020 to $500.9 million. Operating income fell 16% to $361.4 million in the same period.

Its investors include Adage Capital Management, General Atlantic and Nogra Group.

The stock is due to start trading on Tuesday on the Nasdaq under the symbol RPRX. J.P. Morgan, Morgan Stanley, BofA Securities, Goldman Sachs and Citigroup were among the lead underwriters on the IPO.

(Reporting by Joshua Franklin and Rebecca Spalding in New York; additional reporting by Juby Babu in Bengaluru; Editing by Tom Hogue and Anil D'Silva)