Pacific Biosciences stock rises in debut

AP News
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Posted: Oct 27, 2010 1:07 PM
Pacific Biosciences stock rises in debut

Shares of Pacific Biosciences of California Inc. rose Wednesday in their market debut, climbing 3 percent above the initial public offering price of $16 per share.

The company's IPO priced in the middle of its expected range, but was up 26 cents to $16.26 in afternoon trading. The company has offered 12.5 million shares at $16 apiece, which would produce gross proceeds of $200 million.

The company is also offering underwriters nearly 1.9 million more shares if demand exceeds initial supply.

Pacific Biosciences, based in Menlo Park, Calif., makes genetic analysis technology focused on helping researchers investigating biochemical processes.