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RenalytixAI Prices $74.3M US IPO, Private Placement

NEW YORK ─ RenalytixAI on Thursday priced its planned initial public offering of 11 million ordinary shares of its stock, saying it anticipates gross proceeds of about $74.3 million.

The overall transaction includes a public offering in the US of 5,485,000 American Depositary Shares (ADS), each representing two ordinary shares, at a price of $13.50 per ADS, and a concurrent private placement in Europe and other countries outside of the US of 30,000 ordinary shares at a price of $5.37 per share

New York-based RenalytixAI granted the underwriters a 30-day option to purchase up to an additional 822,750 ADS at the initial offering price per ADS, which would make the transaction worth $85.4 million.

JP Morgan and Stifel are acting as joint global coordinators and joint book-running managers for the offering.

RenalytixAI, a developer of artificial intelligence-enabled diagnostic tests for kidney disease, intends to use approximately $25 million to $30 million of the net proceeds from the offering for the continued development and planned commercialization of its KidneyIntelX platform, and the remainder for working capital and other general corporate purposes.

Closing of the ADS offering and concurrent private placement are conditioned on each other and expected to occur on July 21, the firm said. New ordinary shares are expected to commence trading on AIM, a sub-market of the London Stock Exchange, on July 22, and the ADSs are expected to commence trading on the Nasdaq on Friday under the symbol RNLX.