PPD, an LBO'd contract research organization that provides drug development services, announced terms for its IPO on Monday.
The Wilmington, NC-based company plans to raise $1.5 billion by offering 60 million shares at a price range of $24 to $27. At the midpoint of the proposed range, PPD would command a fully diluted market value of $8.9 billion.
PPD was founded in 1985 and booked $4.0 billion in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol PPD. Barclays, J.P. Morgan, Morgan Stanley, Goldman Sachs, BofA Securities, Credit Suisse, Jefferies, UBS Investment Bank, Citi, Deutsche Bank, Evercore ISI, HSBC, and Mizuho Securities are the joint bookrunners on the deal. It is expected to price during the week of February 3, 2020.
