Virax Biolabs Group, a UK-based provider of diagnostic tests and PPE for viral diseases, raised the proposed share offering for its upcoming IPO on Tuesday.
The London, United Kingdom-based company now plans to raise $7 million by offering 1.4 million shares at a price of $5. The company had previously filed to offer 1.2 million shares at the same price. At the revised terms, Virax Biolabs Group will raise 13% more in proceeds than previously anticipated and command a market cap of $57 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.
