Duke Licensee Genetron Health Prices $256M US IPO
Beijing-based Genetron Health on Friday announced pricing of its previously announced initial public offering of 16,000,000 American Depositary Shares, each representing five ordinary company shares at $16.00 per ADS.
The gross proceeds from the initial public offering would be $256 million, assuming the underwriters do not exercise their over-allotment option to purchase additional ADSs, said Genetron, a genomics firm that makes products for oncology screening and diagnosis.
The firm has granted the underwriters an option to purchase up to 2,400,000 additional ADSs, exercisable within 30 days from the date of the final prospectus, which would contribute additional gross proceeds of up to $38.4 million.
Credit Suisse Securities and China International Capital Corporation Hong Kong Securities are acting as joint bookrunners for the offering, and BTIG and Canaccord Genuity are acting as comanagers.
The firm had said previously that about 40 percent of the funds from the IPO will be used for technology and product development, 30 percent for sales and marketing, and 30 percent for working capital and general corporate purposes.
[Originally posted by genomeweb — June 19, 2020]