Virax Biolabs Group, a UK-based provider of diagnostic tests and PPE for viral diseases, announced terms for its IPO on Tuesday.
The London, United Kingdom-based company plans to raise $6 million by offering 1.2 million shares at a price of $5. At the proposed price, Virax Biolabs Group would command a market cap of $56 million.
The holding company conducts operations in the UK and Hong Kong with operating subsidiaries in Singapore, China and the British Virgin Islands. Virax Biolab primarily engages in the sale, distribution, and marketing of diagnostics test kits and med-tech and PPE products for the prevention, detection, diagnosis and risk management of viral diseases. The company's product portfolio includes diagnostics test kits sold through the “ViraxClear” brand, med-tech and PPE products sold through the “ViraxCare” brand, and sourced brands of third party suppliers.
Virax Biolabs Group was founded in 2013 and plans to list on the Nasdaq under the symbol VRAX. Boustead Securities is the sole bookrunner on the deal.
