Bionano Genomics, which sells a proprietary system for next-generation genome analysis, slashed its range while maintaining $30 million proposed deal size for its upcoming IPO this week.
The San Diego, CA-based company now plans to raise $30 million by offering 5.5 million shares at a price range of $5 to $6. The company had previously filed to raise the same amount by offering 3.4 million shares at a range of $8 to $10. Insiders intend to purchase $6.4 million of the IPO (21% of the deal). At the midpoint of the revised range, Bionano Genomics will have decreased their market value by 21% to $85 million, down from $108 million.
Bionano Genomics was founded in 2003 And booked $11 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol BNGO. Roth Capital is the sole bookrunner on the deal. It is expected to price this week.
