Quotient cuts proposed range and adds warrants

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Quotient, which is developing a diagnostics test for grouping and disease screening blood samples, lowered the proposed deal size for its upcoming IPO on Wednesday. The Midlothian, United Kingdom-based company now plans to raise $40 million by offering 5.0 million shares at a price of $8, along with attached warrants to purchase 4 million shares at $8.80 per share. The company originally filed to offer 5.0 million shares at a price range of $14 to $16 and previously cut the range to $9 to $11 on April 14. The expected proceeds are 47% less than the $75 million initially sought. Quotient, which was founded in 2007 and booked $19 million in sales for the 12 months ended 12/31/2013, plans to list on the NASDAQ under the symbol QTNT. Quotient initially filed confidentially on 1/22/2014. UBS Investment Bank, Baird and Cowen & Company are the joint bookrunners on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

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