Sotera Health, which provides lab services to the medical device and pharma industries, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $750 million.
Sotera Health is a leading global provider of mission-critical sterilization and lab testing and advisory services to the medical device and pharmaceutical industries. It has more than 5,800 customers in over 50 countries, which include more than 40 of the top 50 medical device companies and 8 of the top 10 global pharmaceutical companies by revenue. The company operates 63 facilities worldwide.
The Broadview Heights, OH-based company was founded in 1946 and booked $790 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol SHC. Sotera Health filed confidentially on September 2, 2020. J.P. Morgan, Credit Suisse, Goldman Sachs, Jefferies, Barclays, Citi and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
