Wilmington-based PPD goes public again

WILMINGTON, NC (WWAY) — PPD Inc. announced Monday the launch of its initial public offering of 60 million shares of its common stock, according to a news release.

The price is expected to be between $24 and $27 per share. The launch is pursuant to a registration statement filed with the Securities and Exchange Commission (SEC).

Earlier this month, PPD applied to have its common stock approved for listing on The Nasdaq Global Select Market under the symbol “PPD.”

“PPD intends to use the net proceeds from the offering, together with cash on hand, to redeem in full its 7.625%/8.375% Senior PIK Toggle Notes due 2022 and 7.75%/8.50% Senior PIK Toggle Notes due 2022, in each case, plus redemption premium and accrued and unpaid interest thereon, and any remainder for general corporate purposes,” the release states.

The offering is being made through an underwriting group led by Barclays, J.P. Morgan, Morgan Stanley and Goldman Sachs & Co. LLC, who are acting as lead bookrunning managers; BofA Securities, Credit Suisse, Jefferies, UBS Investment Bank, Citigroup, Deutsche Bank Securities, Evercore ISI, HSBC and Mizuho Securities, who are acting as joint bookrunning managers, and Baird, William Blair and Drexel Hamilton, who are acting as co-managers, according to the release.

PPD says the firm expects to grant the underwriters a 30-day option to purchase up to an additional 9 million shares of its common stock at the IPO price less the underwriting discounts and commissions.

A registration statement on Form S-1, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the SEC, but has not yet become effective, the release states.