Rapid Micro Biosystems, which provides an automated microbial testing device and platform, raised $158 million by offering 7.9 million shares at $20, the high end of the range of $18 to $20. The company offered 1.3 million more shares than anticipated.
Rapid Micro Biosystems' flagship product, the Growth Direct platform, automates the manual microbial quality control testing workflow which safeguards the complex and critical bioprocessing workflows of pharmaceutical manufacturers. The Growth Direct platform is used to ensure the quality of healthcare products such as biologics, vaccines, cell and gene therapies, and sterile injectables. As opposed to traditional microbial quality control testing, the Growth Direct platform is placed on the manufacturing floor, delivering quick results to customers.
Rapid Micro Biosystems plans to list on the Nasdaq under the symbol RPID. J.P. Morgan, Morgan Stanley, Cowen, and Stifel acted as joint bookrunners on the deal.
The article Microbial testing device provider Rapid Micro Biosystems prices upsized IPO at $20 high end 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.
