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Complete Genomics Prices IPO at $9 per Share

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Complete Genomics today priced its initial public offering at $9 per share, below the $12 to $14 range the company had earlier projected.

The shares are expected to begin trading on the Nasdaq Global Market today under ticker symbol "GNOM."

The Mountain View, Calif.-based sequencing services firm is selling 6 million shares in the offering. The total proceeds to be raised — $54 million — falls short of the $96.6 million that Complete Genomics had most recently targeted and is below the $86.3 million it had targeted when it filed its IPO in July.

In a document filed with the US Securities and Exchange Commission yesterday, the company said it expects to receive net proceeds of $47 million from today's offering. If its underwriters exercise over-allotment options in full, net proceeds will total $54.5 million.

UBS Investment Bank and Jefferies & Company are joint book-running managers for the offering. Baird and Cowen and Company are co-managers.

The firm said that about $20 million from the net proceeds will go toward capital expenditures to expand the firm's sequencing and computing capacity at its facility in Mountain View. Another $15 million is expected to be used to further develop of its sequencing technology and services, it said.

Complete Genomics' IPO follows Pacific Biosciences' IPO two weeks ago, which raised $200 million.