Invizyne Technologies, which is developing a biomanufacturing platform for a diverse range of chemicals, decreased its shares and increased the price range for its upcoming IPO on Friday.
The Monrovia, CA-based company now plans to raise $15 million by offering 1.9 million shares at $8. The company had previously filed to offer 3.8 million shares at $4. At the midpoint of the revised range, Invizyne Technologies will raise the same amount in proceeds as the previous terms and command a fully diluted market value of $68 million.
Invizyne believes its biomanufacturing platform, SimplePath, will be a significant alternative to the current methods of chemical compound production, which are generally chemical synthesis, natural extraction, and synthetic biology. The platform should enable the efficient production of a diverse range of chemicals, including pharmaceuticals, fuels, materials, food additives, and novel compounds. The company has not generated any revenues to date.
Because the company still plans to offer rights, Invizyne Technologies is excluded from Renaissance Capital's 2024 IPO stats.
Invizyne Technologies was founded in 2019 and plans to list on the Nasdaq under the symbol IZTC. MDB Capital Group is the sole bookrunner on the deal.
