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908 Devices Raises $130 Million in What May Be the Last IPO of 2020

Sun shines outside the Nasdaq MarketSite in New York.

Michael Nagle/Bloomberg

908 Devices is set to begin trading today, in what appears to be the last traditional initial public offering of 2020,

The Boston company raised $130 million after increasing the size of its deal and pricing above its planned range. 908 Devices sold 6.5 million shares at $20 each, up from the 6.25 million shares at $15 to $17 each it had expected to sell. Shares of 908 Devices will trade on the Nasdaq market under the ticker MASS.

Cowen, SVB Leerink, William Blair, and Stifel are the lead underwriters on the deal.

908 Devices is the last company that is currently scheduled to make its public equity markets debut in 2020. No other traditional IPOs are scheduled to begin trading next week or the remainder of the year.

Founded in 2012, 908 Devices develops hand-held and desktop mass spectrometry, or Mass Spec, devices that can be used in life sciences research, bioprocessing, industrial biotech, forensics, and adjacent markets. The company has sold more than 1,200 hand-held and desktop devices to over 300 customers in 32 countries. This includes 18 of the top 20 pharmaceutical companies.

908 Devices has raised about $70 million in funding, including a $17.5 million Series E round in 2019. Investors include Northpond Ventures, Sands Capital Ventures, ARCH Ventures, Razor’s Edge Ventures, Saudi Aramco Energy Ventures, Schlumberger, Tao Capital Partners, and Casdin Capital.

908 Devices is not profitable. Losses narrowed to $2.6 million for the nine months ended Sept. 30 compared with a loss of $12.9 million for the period in 2019, its prospectus said. Total revenue jumped by 120% to $21.2 million for the nine months ended Sept. 30. It had 39 full-time employees.

Arch will have the largest stake, nearly 21%, in 908 after the IPO, while Razor’s Edge will own 7.5%, the prospectus said.

Write to Luisa Beltran at [email protected]

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