Singular Genomics Systems Inc. has set terms of its initial public offering, in which the California-based biotech that leverages next-generation sequencing (NGS) to build products that empower researchers could be valued at up to $1.5 billion. The company is looking to raise up to $187 million, as it is offering 8.5 million shares at an IPO price of between $20 and $22 a share. The stock is expected to trade on the Nasdaq under the ticker symbol “OMIC.” J.P. Morgan, Goldman Sachs, BofA Securities, Cowen and UBS are the underwriters. The company recorded a net loss of $27.9 million on no revenue in 2020, after a loss of $12.3 million on no revenue in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 15.6% over the past three months and the iShares Nasdaq Biotechnology ETF has slipped 6.2%, while the S&P 500 has gained 5.9%.
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