Madison-based Cellular Dynamics International Inc., a developer and manufacturer of fully functioning human cells in industrial quantities to precise specifications, announced that it has commenced an initial public offering.
The IPO of 3.8 million shares of common stock began trading on the Nasdaq Stock Exchange with the ticker symbol “ICEL.”
In addition, the underwriters will have a 30-day option to purchase up to an additional 576,900 shares of common stock from the company.
The IPO price is currently expected to be between $12 and $14 per share of common stock.
The company intends to use the net proceeds that it receives in the offering for research and product development activities; sales and marketing activities, including expansion of its sales force to support the ongoing commercialization of its products; property, plant and equipment, including the build-out of its laboratory in California, and intellectual property; and for working capital and other general corporate purposes.
J.P. Morgan Securities LLC is acting as sole book-running manager for the offering, and Cowen and Company, LLC and Leerink Swann LLC are acting as co-managers.