Cell Analysis Instruments Provider Cytek Biosciences Kick Starts Trading After Pricing IPO At $17

Cytek Biosciences Inc CTKB shares started trading today after its initial public offering was priced to raise about $200 million for the cell-analysis Company.
Cytek has developed high-resolution, high-content, and high-sensitivity cell analysis technology called Full Spectrum Profiling.
Supported by the firm's Aurora and Northern Lights systems, a cell sorter called the Aurora CS allows a higher level of multiplexing than traditional flow cytometry.
Apart from the Northern Lights CLC system, which is available for clinical use in China and the European Union, Cytek's products are for research use only.
In documentation filed with the SEC, Cytek reported $24.3 million in total revenues in Q1 of 2021 compared to $18 million a year ago.
Its quarterly net income was $102,000, compared to a net loss of $839,000 in the same quarter a year ago.
Cytek ended Q1 2021 with $168.6 million in cash and cash equivalents.
As of March 31, 2021, the Company has placed over 750 instruments to over 620 companies.
Morgan Stanley, Goldman Sachs, Piper Sandler, and Cowen acted as joint bookrunners on the deal.
Price Action: At midday, the shares were trading at $17.89, 5% above the $17 a share set for the IPO. The shares opened at $20.10.