GIC-backed clinical trial firm WCG eyes up to US$6.45bil valuation in US IPO

BENGALURU (Reuters) - WCG Clinical Inc, a clinical trial solutions company backed by Singapore's sovereign wealth fund GIC, said on Tuesday it was aiming to raise up to US$765 million in its US initial public offering.

The IPO would value the company at $6.45 billion, at the top end of its targeted price range of between $15 and $17 per share, according to a regulatory filing. WCG, which also counts buyout firm Leonard Green & Partners LP among its investors, plans to sell 45 million shares as part of its IPO.

Companies that assist in the clinical research process saw a spike in demand last year as pharmaceutical companies tried to prevent the coronavirus outbreak from derailing their drug rollouts.

WCG's revenue jumped by a third to US$137.6 million in the three months ended March 31, the filing showed. However, it incurred a net loss of US$20.6 million in the same period, compared with a loss of US$30.1 million a year earlier.

The company plans to list its shares on the Nasdaq under the symbol "WCGC".

Goldman Sachs, Morgan Stanley and BofA Securities are among the underwriters for the offering.

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