Maravai LifeSciences, which provides acid production, safety testing, and protein detection products for biotechs, announced terms for its IPO on Friday.
The San Diego, CA-based company plans to raise $1.3 billion by offering 50 million shares at a price range of $24 to $27. At the midpoint of the proposed range, Maravai LifeSciences would command a fully diluted market value of $6.6 billion.
Maravai provides critical products to enable the development of drug therapies, diagnostics, novel vaccines and support research on human diseases. Its more than 5,000 customers as of September 30, 2020 include the top 20 global biopharmaceutical companies ranked by research and development expenditures according to industry consultants, and many other emerging biopharmaceutical and life sciences research companies, as well as leading academic research institutes and in vitro diagnostics companies.
Maravai LifeSciences was founded in 2014 and booked $222 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol MRVI. Morgan Stanley, Jefferies, Goldman Sachs, BofA Securities, Credit Suisse, UBS Investment Bank, Baird, William Blair, Stifel and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2020.
