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genai/news//The Star
Honeywell's Quantinuum is targeting a valuation of up to $14.3 billion in its upsized U.S. initial public offering.
Quantinuum increased its IPO fundraising target to $1.46 billion from $1.05 billion.
KEY POINTS
The company raised its share offering from 21.1 million to 26.5 million shares.
Quantinuum's IPO price range has been raised to $53-$55 per share.
The targeted valuation for Quantinuum's IPO is now up to $14.3 billion.
June 1 (Reuters) - Honeywell's Quantinuum is targeting a valuation of up to $14.3 billion in its upsized U.S. initial public offering, underscoring robust investor appetite around quantum computing.
The Broomfield, Colorado-based company is now seeking up to $1.46 billion by marketing 26.5 million shares priced between $53 and $55 apiece, it said on Monday.
It had earlier aimed to raise up to $1.05 billion by offering about 21.1 million shares priced between $45 and $50 apiece.
June is poised for a busy start to the IPO market as firms look to capitalize on strong market conditions ahead of SpaceX's blockbuster listing, with seven companies spanning from defense to energy sectors set to price their offerings this week.
J.P. Morgan and Morgan Stanley are joint lead active book-running managers for the Quantinuum offering.
Quantinuum is expected to list on the Nasdaq under the symbol "QNT" on Thursday.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber)