Cytek BioSciences, which provides cell analysis instruments for life science applications, announced terms for its IPO on Monday.
The Fremont, CA-based company plans to raise $248 million by offering 14.6 million shares (19% insider) at a price range of $16 to $18. At the midpoint of the proposed range, Cytek BioSciences would command a fully diluted market value of $2.3 billion.
Cytek Biosciences' core products are the Aurora and Northern Lights systems, which are full spectrum flow cytometers that deliver high-resolution cell analysis by using the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells, also known as full spectrum profiling. As of March 31, 2021, the company has placed over 750 instruments to over 620 companies around the world, including pharmaceutical companies, over 125 biopharma companies, academic research centers, and clinical research organizations.
Cytek BioSciences was founded in 2014 and booked $99 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol CTKB. Morgan Stanley, Goldman Sachs, Piper Sandler, and Cowen are the joint bookrunners on the deal. It is expected to price during the week of July 19, 2021.
