The IPO of Tempus AI (Nasdaq: TEM) opened for trading at $40 after earlier pricing 11,100,000 shares of its Class A common stock at a public offering price of $37.00 per share.
All of the shares of Class A common stock are being offered by Tempus. The gross proceeds to Tempus from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Tempus, are expected to be $410.7 million. In addition, Tempus has granted the underwriters a 30-day option to purchase up to an additional 1,665,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
The shares began trading on the Nasdaq Global Select Market on June 14, 2024, under the ticker symbol “TEM”. The offering is expected to close on June 17, 2024, subject to the satisfaction of customary closing conditions.
Morgan Stanley, J.P. Morgan, and Allen & Company LLC were lead book-running managers for the offering. BofA Securities and TD Cowen were acting as additional book-running managers; and Stifel, William Blair, Loop Capital Markets, and Needham & Company were acting as co-managers for the offering.
Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence, including generative AI, in healthcare to create Intelligent Diagnostics. With one of the world’s largest libraries of clinical and molecular data, and an operating system to make that data accessible and useful, Tempus enables physicians to make near real-time, data-driven decisions to deliver personalized patient care. In parallel, Tempus facilitates discovery, development, and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians and researchers with tools that learn as the company gathers more data.
