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Digital cell biology company Berkeley Lights raises range to $19 to $20 ahead of $144 million IPO

Berkeley Lights, which provides a single cell manipulation platform for drug discovery and development, raised the proposed range for its upcoming IPO on Thursday.

The Emeryville, CA-based company now plans to raise $144 million by offering 7.4 million shares at a price range of $19 to $20. Director Gregory Lucier, who serves as the CEO of Corza Health, intends to purchase $1 million worth of shares in the offering. The company had previously filed to offer the same number of shares at a range of $16 to $18. At the midpoint of the revised range, Berkeley Lights will raise 15% more in proceeds than previously anticipated to command a fully diluted market cap of $1.3 billion.

Berkeley Lights was founded in 2011 and booked $58 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol BLI. J.P. Morgan, Morgan Stanley and Cowen are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.

The article Digital cell biology company Berkeley Lights raises range to $19 to $20 ahead of $144 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

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

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