Credit: Shutterstock photoFulgent Genetics, which offers genetic testing for over 7,500 conditions, announced terms for its IPO on Monday.
The Temple City, CA-based company plans to raise $60 million by offering 4.6 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Fulgent Genetics would command a fully diluted market value of $235 million. The CEO will receive a $4.6 million return of capital contribution in cash prior to the IPO, and intends to purchase $6 million worth of shares in the offering (10%).
Fulgent Genetics was founded in 2011 and booked $13 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol FLGT. Credit Suisse, Piper Jaffray and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of September 26, 2016.
The article The gene test: Fulgent Genetics sets terms for $60 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
