Fulgent Genetics, which offers genetic testing for over 7,500 conditions, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Temple City, CA-based company now plans to raise $42 million by offering 4.2 million shares at a price range of $9 to $11. Insiders intend to purchase $11 million worth of shares in the offering. The company had previously filed to offer 4.6 million shares at a range of $12 to $14. At the midpoint of the revised range, Fulgent Genetics will raise 30% less in proceeds than previously anticipated.
Fulgent Genetics was founded in 2011 and booked $13 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol FLGT. Credit Suisse, Piper Jaffray and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of September 26, 2016.
