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Twist Closes Upsized $84M Stock Offering

NEW YORK (GenomeWeb) – Twist Bioscience announced today it has closed an upsized public offering.

The firm sold 4.31 million shares of common stock at $21 per share, which included the underwriters' fully exercised options to purchase 562,500 shares at the public offering price. The firm estimated net proceeds to be approximately $84.1 million after deducting expenses and underwriting discounts and commissions.

Twist had anticipated gross proceeds of $78.8 million, based on a planned offering of 3.75 million shares at $21 per share. 

JP Morgan Securities, Cowen and Company, and Evercore Group acted as joint book-running managers for the proposed offering with Robert W. Baird & Co. acting as lead manager.

The firm previously said it intends to use the proceeds to invest in equipment, expand its next-generation sequencing R&D capabilities, invest in production software, consolidate its operation facilities, and increase its production capacity.

In early afternoon trading on the Nasdaq, shares of Twist were up 4 percent at $22.98.