US-based genetic sequencing tool developer Singular Genomics has filed for a $100m initial public offering that would enable Legend Capital, the venture firm formed by conglomerate Legend Holdings, to exit.
Singular Genomics is working on generation sequencing technology for use in clinical research, and the two key products in its pipeline are a genetic sequencer and related suite of consumable kits known as the G4 Integrated Solution, and a cell analytics kit dubbed the PX Integrated Solution.
The IPO proceeds will go completing development of G4 Integrated Solution and PX Integrated Solution in addition to their eventual commercialisation.
The offering comes after Singular Genomics raised approximately $104m in convertible note financing in February this year, from Legend Capital, Section 32, Deerfield Investment Group, Revelation Alpine and Axon Ventures, according to the IPO filing.
Deerfield had previously led a $45m series B round for the company that closed in August 2019, investing alongside Legend Capital, Axon Ventures, Arch Venture Partners and Domain Partners.
Singular Genomics’ largest shareholder is Deerfield, the owner of an 11.8% stake, followed by Revelation Alpine (8.7%), Domain Partners (8.4%), Legend Capital (8.2%) and Arch Venture Partners (7.4%).
JP Morgan Securities, Goldman Sachs, BofA Securities and Cowen and Company are joint book-running managers for the IPO, which is set to take place on the Nasdaq Global Market, while UBS Securities is book-running manager.
