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Natera Sets IPO Range of $15 to $17 Per Share

NEW YORK(GenomeWeb) – Natera plans to offer 6.25 million shares of its stock in its initial public offering, raising up to $103.3 million in net proceeds, it said in a document filed with the US Securities and Exchange Commission today. 

In an amended Form S-1, the San Carlos, California-based non-invasive prenatal testing firm said it plans to price its shares at between $15 and $17. At the midpoint price of $16, net proceeds from the offering are anticipated to be $89.3 million, or $103.3 million if the underwriters exercise their overallotment option in full. 

Morgan Stanley, Cowen and Co., Piper Jaffray, R.W. Baird, and Wedbush Securities are listed as the offering's underwriters. Natera filed to go public earlier this month.

It said that about $29.3 million of proceeds will be directed at working capital and general corporate use, while about $60 million will be used for continued investments in R&D. Additionally, proceeds may go toward acquisition of complementary businesses, technologies, and other assets, though it has no current understandings, agreements, or commitments for any acquisitions, it said.

In 2014, Natera recorded $159.3 million in total revenues and a net loss of $5.2 million. The firm noted that 185,000 Panorama tests were accessioned during 2014.  

For the first quarter of 2015 ended March 31, it had $47.4 million in revenues and a net loss of $10 million. As of the end of the first quarter the company had $80.3 million in cash and cash equivalents, and $1.3 million in restricted cash.