Pacific Biosciences, a US-based gene sequencing company, has provided additional information about its planned $200m flotation on the Nasdaq stock exchange.
In an amended regulatory filing last night Pacific said it would issue 12.5 million shares at between $15 and $17 each to raise $200m at the mid-point of its range and an initial market capitalisation of about $800m.
Existing shareholders, including four strategic investors, are locked-up from selling shares for 180 days and so will be diluted by the initial public offering of new shares.
Pacific closed its series F round at $109m last month, including $50m from peer Gen-Probe at $7.63 per share to own 8.6%. The series E round, which closed the year before, raised $188m at $7 per share, with more than $20m coming from both Intel Capital, the corporate venturing unit of semiconductor company Intel, and Wellcome Trust, a UK-based medical endowment.
Alongside multiple VCs, the final strategic is agriculture company Monsanto.
The VCs are Mohr Davidow Ventures (12%), Kleiner Perkins Caufield and Byers (9.7%), Maverick Capital (9.1%), Alloy Ventures (6.9%), Blackstone Cleantech Venture Partners (6.3%), Deerfield Management (5.3%), Sutter Hill Ventures, Morgan Stanley, Redmile Group, T Rowe Price, AllianceBernstein, DAG Ventures and Teachers’ Private Capital.
In total the company has raised about $460m, according to news provider Fortune.
The company reported a $63m net loss for the first six months of the year, with about $1m in revenue.
The company said its main rivals were Illumina, Life Technologies, which has just agreed to buy Ion Torrent Systems, and Roche Applied Science with "emerging potential competitors" including Complete Genomics and Oxford Nanopore Technologies.