Metagenomi, a precision genetics-medicines company based in Emergyville, Calif., has announced its plans to launch an initial public offering (IPO). The company aims to sell 6.25 million shares at a price ranging between $15 and $17 per share.
If the IPO is priced at the midpoint of $16 per share, Metagenomi expects to raise approximately $86.9 million in net proceeds. This figure could rise to roughly $100.9 million if the underwriters exercise their option to purchase an additional 937,500 shares.
The primary focus of Metagenomi is to develop therapeutic solutions for genetic diseases. With the projected proceeds from the IPO, along with its existing resources, the company believes it will have sufficient funding to support its operations and capital-spending requirements until 2027.
Assuming the overallotment option is exercised, Metagenomi will have around 38.5 million shares outstanding after the IPO. This would result in a market capitalization exceeding $615 million, based on the $16-a-share pricing midpoint.
Metagenomi has applied to list its shares on the Nasdaq Global Select Market under the symbol MGX.
