Invitae Corporation, a US-based genetic testing technology provider backed by diagnostic testing company Genomic Health, has announced its initial public offering will be $16 a share.
The company is set to issued 6.35m shares on the New York Stock Exchange, raising proceeds of $101.6m.
The amount is higher than the range of $13 to $15 announced last week, when the company expected to issue 5.35 million shares and raise up to $80.3m.
Invitae was spun out of Genomic in 2012 and has raised $207m in funding, most recently closing a series F round of $140m in October 2014. The company has developed a system which unites most of the world’s genetic tests in a single process that is more efficient and cheaper.
The company will use between $24m and $28m for research and development, between $23m and $27m for sales and marketing efforts, and between $4m and $6m for increased lab capacity, sequencing equipment and data storage systems.
Genomic Health holds a 9% stake, which will be diluted to 7.4%. Other principal shareholders are Baker Brothers Life Sciences, which will hold a 16.9% following flotation, BlackRock, which will retain 14%, and Thomas, McNerney and Partners, which will retain 12.5%.
Existing shareholders also include Broe Group, Decheng Capital, Deerfield Management, OrbiMed, Perceptive Advisors, Rock Springs Capital, Wellington Management, Casdin Capital, Genesys Capital and Redmile Group.
Underwriters J.P. Morgan Securities, Cowen and Company and Leerink Partners have an option to purchase an additional 952,500 shares within 30 days of flotation.