PRA Health Sciences, one of the largest global contract research organizations (CROs), raised $306 million by offering 17 million shares (100% primary) at $18, below the $20-$23 range. PRA had initially planned to offer 18.6 million shares, however, private equity backer KKR, which was going to offer 1.6 million shares, did not sell.
At the $18 offer price and adjusting for the $56 million less in debt pay down, PRA now commands a fully diluted market cap of $1.1 billion and an enterprise value of $2.0 billion. PRA will list on the NASDAQ under the symbol PRAH. Jefferies & Co., Citi, KKR, UBS Investment Bank, Credit Suisse and Wells Fargo Securities acted as lead managers on the deal.
