Tempus AI, which provides data and analytics tools for precision medicine, announced terms for its IPO on Wednesday.
The Chicago, IL-based company plans to raise $400 million by offering 11.1 million shares at a price range of $35 to $37. At the midpoint of the proposed range, Tempus AI would command a fully diluted market value of $6.2 billion.
Tempus is focused on unlocking the power of precision medicine through the practical application of artificial intelligence in healthcare, resulting in the creation of its Tempus Platform. The platform includes proprietary software and dedicated data pipelines that create a network of healthcare institutions through approximately 450 unique data connections across more than 2,000 healthcare institutions. This proprietary technology has allowed Tempus to amass what it considers to be one of the largest libraries of clinical and molecular oncology data in the world.
Tempus AI was founded in 2015 and booked $562 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol TEM. Morgan Stanley, J.P. Morgan, Allen & Company, BofA Securities, TD Cowen, Stifel, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of June 10, 2024.
