Pharmaceutical support firm Quintiles Transnational Holdings has raised US$947 million for its IPO. This value is higher than expected and is another indication of investor confidence as the IPO is a record high for US stock sale.
This is an encouraging development to allow companies to formulate exit strategies from its initial investments. This was clearly seen with the strong demand for Quintiles shares, priced 20% more shares at the top end of the price range as well, according to individuals familiar with the transaction.
The company is backed up by Bain Capital LLC and TPG Capital LP and is based out of Durham, NC. It conducts clinical trials for pharmaceutical firms for their drug studies. The IPO volume was at 23.7 million shares at US$40, which is higher than the original plan of selling 19.7 million shares priced between US$36 and US$40.
The proceeds from the IPO would be used to pay outstanding debts, as well as terminate a management agreement with its sponsors. The lead underwriters of the IPO is Barclays, JPMorgan and Morgan Stanley.
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