Tempus AI’s (Nasdaq: TEM ) initial public offering (IPO) began trading at $40 per share after the company purchased 11,100,000 shares of Class A common stock at $37 per share.
Tempus is the sole issuer of Class A common stock in this offering. Proceeds to Tempus from this public offering are expected to be $410.7 million, before deducting discounts, commissions and other offering-related expenses. In addition, Tempus has granted the underwriters a 30-day option to purchase an additional 1,665,000 shares of Class A common stock at the initial IPO price, after deducting underwriting discounts and commissions.
The shares began trading on the Nasdaq Global Select Market on June 14, 2024 under the symbol “TEM”. The offering is expected to close on June 17, 2024, subject to the satisfaction of all standard closing conditions.
Morgan Stanley, JP Morgan and Allen & Company LLC took the lead role in managing the offering book. BofA Securities and TD Cowen served as additional book-running managers; Stifel, William Blair, Loop Capital Markets and Needham & Company served as co-managers for the offering.
Tempus is a technology company that improves precision medicine by using practical applications of artificial intelligence, including generative AI, in healthcare to develop intelligent diagnostics. Tempus has one of the largest collections of clinical and molecular data in the world and an operating system designed to make this data accessible and useful. Tempus enables physicians to make timely, data-driven decisions to provide personalized care to individual patients. At the same time, Tempus supports the discovery, development and dissemination of the most effective therapeutic treatments. The company’s goal is to improve patient health outcomes by equipping doctors and researchers with tools that make data collection more efficient.
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