Burning Rock Biotech (BNR) IPO Opens 38% Higher

June 12, 2020 11:34 AM EDT

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Today's IPO for Burning Rock Biotech Limited (NASDAQ: BNR) opened for trading at $22.80 after pricing 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.

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.

Burning Rock Biotech Limited, whose mission is to Guard Life via Science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. The Company’s business consists of (i) NGS-based therapy selection testing for late-stage cancer patients, with the leading market share in China and over 185,000 tissue and liquid-based tests completed cumulatively, and (ii) NGS-based cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.

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