US-based medical tool developer 10x Genomics filed on Monday to raise up to $100m in an initial public offering that would allow telecommunications and internet group SoftBank to exit.
10x develops and produces instruments and software for use in biomedical research. It more than doubled revenue year on year to more than $109m for the first six months of 2019 while cutting its net loss from $21.6m to $14.5m over the same period.
The company has raised about $243m since it was founded in 2012, having closed an $85m series D round in January this year that valued it at $1.28bn, according to Forbes.
SoftBank joined banking firm Wells Fargo’s Strategic Capital vehicle, investment and financial services group Fidelity Management and Research (FMR), private equity firm Meritech Capital and venture capital firm Paladin Capital in the series D.
FMR had led 10x’s $55m series C round two years earlier, investing together with Softbank, JS Capital Management and existing backers Paladin Capital, Venrock and Foresite Capital. The company’s earlier investors include funds managed by Morgan Stanley Investment Management.
SoftBank’s stake is sized at less than 5%, 10x’s largest shareholders being Foresite Capital (18.1%), Venrock (16.3%), Paladin Capital (11.5%) and Fidelity (11.3%).
JP Morgan Securities, Goldman Sachs, BofA Securities and Cowen and Company have been appointed underwriters for the IPO, which is set to take place on the Nasdaq Global Select Market.
