Point-of-care infectious disease diagnostics company Talis closed its initial public offering Wednesday raising proceeds of approximately $253.9 million.
The Menlo Park, California-based firm sold 15,870,000 shares of its common stock, including 2,070,000 shares sold pursuant to the exercise in full by the underwriters of their option to purchase additional shares. Each share in the offering was priced at $16. The shares began trading last week on the under ticker symbol TLIS.
JP Morgan, Bank of America Securities, and Piper Sandler were the book-running managers for the offering, and BTIG acted as co-manager.
When Talis filed for the IPO, it said the principal purposes for the offering were to obtain additional capital to support operations, create a public market for its common stock, and facilitate future access to the public equity markets. It also said it would use the proceeds for working capital and other general corporate purposes.
Talis is currently developing its Talis One platform, which is a sample-to-answer, cloud-enabled molecular diagnostic platform to diagnose infectious diseases at the point of care.