AbSci sets IPO terms, valuing company at up to $1.5 billion

AbSci Corp. ABSI, has set terms of its initial public offering, which could value the Washington-based provider of an artificial intelligence-powered drug creation platform could be valued at up to $1.54 billion. The company is looking to raise up to $212.5 million, as it is offering 12.5 million shares in the IPO, which is expected to price between $15 and $17 a share. The company expects 90.38 million shares to be outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol "ABSI." J.P. Morgan, Credit Suisse, BofA Securities, Cowen and Stifel are the underwriters. AbSci recorded a net loss of $49.5 million on revenue of $4.8 million in 2020, after a loss of $23.9 million on revenue of $2.1 million in 2019.