Progenity, which sells in vitro molecular tests for prenatal and disease screening, announced terms for its IPO on Monday.
The San Diego, CA-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. Insiders intend to purchase $50 million worth of shares in the offering. At the midpoint of the proposed range, Progenity would command a fully diluted market value of $721 million.
Progenity was founded in 2011 and booked $113 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol PROG. Piper Sandler, Wells Fargo Securities, Baird, and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of June 15, 2020.
