Maravai LifeSciences looks to raise $1.35 billion in IPO

(Reuters) - Maravai LifeSciences Holdings said on Friday it is looking to raise up to $1.35 billion in its initial public offering (IPO).

The biomedical company said it plans to sell 50 million shares priced between $24 and $27 apiece and will list them on the Nasdaq under the symbol “MRVI”.

Maravai focuses on mRNA research and provides products to enable the development of vaccines, including for some of the COVID-19 vaccines, according to its regulatory filing. (here)

However, the company added that there is no assurance that these vaccine programs will continue to use its products through commercialization.

U.S. capital markets have already seen several blockbuster IPOs this year.

Medical sterilization firm Sotera Health Co, backed by private equity firms Warburg Pincus and GTCR, said on Thursday that it was looking to raise up to $1.07 billion in its initial public offering.

Maravai reported a net income of $63.34 million for the nine months ended Sept. 30, compared to $249,000 a year earlier.

Morgan Stanley, Jefferies and Goldman Sachs are the lead underwriters for the IPO.

(This story has been corrected to change figure to $249,000 from $249 million in the seventh paragraph)

Reporting by Noor Zainab Hussain and Ankur Banerjee in Bengaluru; Editing by Amy Caren Daniel