San Francisco, CA 10/31/18; Washington, DC 11/1/18—Twist Bioscience, developer of a platform for producing synthetic DNA, has completed the public offering of its stock for $14 per share (see IBO 10/31/18). The company reported estimated proceeds, before expenses, of $65.1 million. The company also granted a 30-day option for underwriters to purchase an additional 750,000 shares. The company estimates total proceeds, including the underwriter’s option fully exercised and expenses, to be $71.4 million.

The price was at the low end of the company’s estimates of $14–$16 per share. MarketWatch estimates the company’s market cap at $372.5 million. Directors and executives are expected to own 31% of outstanding capital shares following the offering. By function, the proceeds will be used for: technology and facilities investments ($15–$20 million); sales and marketing ($15–$18 million); expansion of the business into biologics drug discovery and DNA data storage ($12–$14 million); establishment of operations in China ($5–$10 million); and working capital and general corporate purposes.