GBS, which is developing a saliva-based glucose monitoring system for diabetes in China, announced terms for its IPO on Thursday.
The New York, NY-based company plans to raise $20 million by offering 1.2 million units at a price range of $16 to $18. Each unit consists of one share of common stock; one Series A warrant to purchase one share of common stock, exercisable at125% of the unit offering price; and one Series B warrant to purchase one share of common stock, exercisable at 100% of the unit offering price. At the midpoint of the proposed range, GBS would command a market value of $167 million. Because the company is now offering units with warrants attached, GBS is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
GBS was founded in 2016 and plans to list on the Nasdaq under the symbol GBS. Dawson James is the sole bookrunner on the deal.
The article Saliva-based glucose device developer GBS sets terms for $20 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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