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Singular Genomics Ups IPO Target to $187M

NEW YORK – Startup DNA sequencing firm Singular Genomics Systems has set terms for its initial public offering, raising its target to $187 million from an initial target of $100 million.

According to an amended prospectus filed Monday with the US Securities and Exchange Commission, the firm plans to offer 8.5 million shares at an IPO price between $20 and $22 per share. The firm said that it will have approximately 68 million shares outstanding after the offering. At the upper end of the IPO price range, the company would be valued at approximately $1.5 billion.

Singular Genomics has also granted the underwriters a 30-day option to purchase up to approximately 1.3 million additional shares of common stock. JP Morgan, Goldman Sachs, Bank of America, and Cowen are acting as joint book-running managers for the offering and as representatives of the underwriters. UBS is also acting as a book-running manager.

Based in San Diego, Singular Genomics came out of stealth to announce its IPO earlier this month and proposes to trade on the Nasdaq under the ticker symbol "OMIC."