Monday, November 23, 2020

Maravai Lifesciences Sees Successful IPO

San Diego-based Maravai Lifesciences, a provider of life sciences reagents and services to the biotech industry, saw a successful IPO last week, raising $1.62 billion in its IPO on the NASDAQ Global Market. The company--which now trades as MRVI--was backed by private equity investor GTCR. The company's stock rose more than 18% in its IPO debut on Friday, even after a debut of $27.00 per share, at the top end of its already increased IPO estimated range of $24.00 to $27.00. The company now is valued at $8.12 billion. The company's various reagents are supplied to major biotech companies, including to several working on COVID-19 vaccines, among them Pfizer.