Burning Rock Biotech Ltd. (BNR) Prices 13.5M ADS IPO at $16.50/Sh

June 12, 2020 5:55 AM EDT

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Burning Rock Biotech Limited (NASDAQ: BNR), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today announced the pricing of its initial public offering of 13,500,000 American Depositary Shares (“ADSs”), each representing one Class A ordinary share, at a price to the public of US$16.50 per ADS. Concurrently with, and subject to, the completion of this offering, Lake Bleu Prime Healthcare Master Fund Limited will purchase from us US$25 million in Class A ordinary shares at a price per share equal to the initial public offering price. The aggregate offering size of the initial public offering and the concurrent private placement is approximately US$247.8 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 2,025,000 additional ADSs.

The ADSs have been approved for listing on the Nasdaq Global Market and are expected to begin trading on June 12 under the symbol “BNR.” The offering is expected to close on June 16, 2020, subject to satisfaction of customary closing conditions.

Morgan Stanley & Co. LLC, BofA Securities, Inc. and Cowen and Company, LLC are acting as representatives of the underwriters, and CMB International Capital Limited and Tiger Brokers (NZ) Limited are acting as co-managers for this offering.



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