Genetron Holdings, which provides DNA sequencing-based diagnostic services for cancer patients in China, increased the proposed ADS offering for its upcoming IPO on Thursday.
The Beijing, China-based company now plans to raise $200 million by offering 16 million ADSs at a price range of $11.50 to $13.50. The company had previously filed to offer 13 million ADSs at the same range. Insiders intend to purchase $54 million worth of ADSs in the offering. At the midpoint, Genetron Holdings will raise 23% more in proceeds than previously anticipated to command a market value of $1.2 billion.
Genetron Holdings was founded in 2015 and booked $47 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol GTH. Credit Suisse and CICC are the joint bookrunners on the deal. It is expected to price during the week of June 15, 2020.
