Rapid Micro Biosystems, which provides an automated microbial testing device and platform, announced terms for its IPO on Monday.
The Lowell, MA-based company plans to raise $125 million by offering 6.6 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Rapid Micro Biosystems would command a fully diluted market value of $828 million.
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 was founded in 2006 and booked $18 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol RPID. J.P. Morgan, Morgan Stanley, Cowen, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.
The article Microbial testing device provider Rapid Micro Biosystems sets terms for $125 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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