PPD, Inc.

PPD, Inc. (PPD) priced its initial public offering on Feb 6, 2020 at $27.00 per share, within its $24.00–$27.00 range, raising $1.62B, and listed on Nasdaq Global Select. At the IPO price its market capitalization was about $9.16B. Barclays was lead-left underwriter, joined by J.P. Morgan, Morgan Stanley and Goldman Sachs and others. Simpson Thacher advised the company and Latham & Watkins advised the underwriters.

PPD, Inc. provides drug development services to the biopharmaceutical industry, offering clinical development and laboratory services to pharmaceutical, biotechnology, medical device and government organizations. It has operated in this business for more than 30 years and served all of the top 50 biopharmaceutical companies in 2018.

Status

IPO

Ticker

PPD

Exchange

Nasdaq Global Select

Priced

Feb 6, 2020

IPO price

$27.00

Price range

$24.00–$27.00

Raised

$1.62B

Market cap at IPO price

$9.16B

First filed

Jan 9, 2020

Underwriters

Barclays, J.P. Morgan, Morgan Stanley, Goldman Sachs, BofA Securities, Credit Suisse, Jefferies, UBS, Citigroup, Deutsche Bank, Evercore ISI and HSBC

Company counsel

Simpson Thacher

Underwriters' counsel

Latham & Watkins

Sector

Biotech & pharma

Country / state

NC

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.