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10x Genomics Sets IPO Price Range at $31 to $35 Per Share; Expects $271M In Proceeds

NEW YORK – Single-cell sequencing firm 10x Genomics has priced a larger initial public offering than its initial filing suggested.

Pleasanton, California-based 10x plans to sell up to 9 million shares of Class A common stock at a price between $31 and $35 per share, according to documents filed with the US Securities and Exchange Commission.

10x also plans to grant the underwriters an option for a period of 30 days to purchase up to 1.35 million additional shares at the IPO price.

The firm said in an amended Form S-1 it expects to receive net proceeds of $271 million, assuming an IPO price of $33, the midpoint of the range, after deducting estimated underwriting discounts, commissions, and offering expenses, or approximately $312.4 million if the underwriters exercise their option in full.

10x, which markets the Chromium single-cell analysis system and assay kits, announced its plans for an IPO last month. Initially, its filing said it was looking to raise up to $100 million. The firm plans to trade on the Nasdaq under ticker symbol "TXG." As of June 30, the firm had approximately 8.1 million shares outstanding of its Class A common stock and 75.8 million shares of its Class B common stock.

"We intend to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures," the firm wrote in its preliminary prospectus. "Additionally, we may use a portion of the net proceeds we receive from this offering to acquire businesses, products or technologies. However, we do not have agreements or commitments for any material acquisitions at this time."