[NEW YORK] BGI Group, the world's biggest DNA-sequencing company, is considering an initial public offering (IPO) of its equipment unit on Shanghai's Star board as early as this year, people with knowledge of the matter said. Read more at The Business Times.
BGI Group, the world's biggest DNA-sequencing company, is considering an initial public offering of its equipment unit on Shanghai's Star board as early as this year, people with knowledge of the matter said.[NEW YORK] BGI Group, the world's biggest DNA-sequencing company, is considering an initial public offering of its equipment unit on Shanghai's Star board as early as this year, people with knowledge of the matter said.
The Shenzhen-based firm could seek to raise about US$1 billion by selling shares in its subsidiary MGI Tech Co, the people said, asking not to be identified because the matter is private. BGI is working with advisers for the potential listing on China's tech-focused exchange, the people said. Deliberations are at an early stage, and the size and timing of the IPO could still change, the people said. A representative for MGI declined to comment on IPO-related matters. A representative for BGI referred a request for comment to MGI.
An IPO would follow a series B fundraising round in May that raised more than US$1 billion from investors including IDG Capital and Citic PE, according to a company statement. Founded in 2016, MGI makes and sells DNA sequencing instruments, reagents and related products to help life sciences research, according to its website. It counts more than 1,000 employees in about 39 countries.
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