The chemical analysis device developer has added $20m to an initial public offering following $70m in funding from investors including Utec.
908 Devices, the US-based mass spectrometer provider backed by University of Tokyo Edge Capital (Utec), has closed its initial public offering at approximately $150m.
The company issued 6.5 million shares priced at $20.00 each to raise an initial $130m earlier this month. Its shares opened at $45.51 on their first day of trading and opened at $72.00 this morning.
Lead book-running managers Cowen and SVB Leerink and book-running managers William Blair and Stifel subsequently took up the option to buy another 975,000 shares.
Founded in 2012, 908 has developed handheld and desktop mass spectrometer devices that analyse the chemical make-up of materials and substances.
The company secured a total of $70m pre-IPO from Utec, oilfield services provider Schlumberger, oil and gas supplier Saudi Aramco unit Saudi Aramco Energy Ventures, Arch Venture Partners, Razor’s Edge Ventures, Tao Capital Partners, Cormorant Asset Management, Casdin Capital, Sans Capital Ventures…
