Berkeley Lights, which provides a single cell manipulation platform for drug discovery and development, raised the proposed range for its upcoming IPO on Thursday.
The Emeryville, CA-based company now plans to raise $144 million by offering 7.4 million shares at a price range of $19 to $20. Director Gregory Lucier, who serves as the CEO of Corza Health, intends to purchase $1 million worth of shares in the offering. The company had previously filed to offer the same number of shares at a range of $16 to $18. At the midpoint of the revised range, Berkeley Lights will raise 15% more in proceeds than previously anticipated to command a fully diluted market cap of $1.3 billion.
Berkeley Lights was founded in 2011 and booked $58 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol BLI. J.P. Morgan, Morgan Stanley and Cowen are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.
