Burning Rock Biotech, which provides DNA sequencing-based cancer therapy selection tests in China, raised $223 million by offering 13.5 million ADSs at $16.50, above the range of $13.50 to $15.50. Insiders had indicated on $79 million of the IPO (35% of the deal). The company raised an additional $25 million in a concurrent private placement to Lake Bleu Capital. At pricing, Burning Rock commands a $1.7 billion market cap.
Burning Rock Biotech plans to list on the Nasdaq under the symbol BNR. Morgan Stanley, BofA Securities, and Cowen acted as lead managers on the deal.
