WILMINGTON, NC (StarNews) — Privately owned PPD, one of the Port City’s largest employers, took another step toward becoming a publicly traded company Thursday when it filed with the federal Securities and Exchange Commission (SEC) to make an initial public offering of stock.
Although the filing is to raise $100 million, the IPO analyst Renaissance Capital said the offering could raise an estimated $1 billion.
The company, which provides contract research and development services for the pharmaceutical industry, was once publicly traded. In 2011, Wilmington was shocked when homegrown PPD was acquired by private equity funds The Carlyle Group and Hellman & Friedman. In 2017, Abu Dhabi Investment Authority and Singapore’s sovereign wealth fund joined the ownership group.
The IPO news is not a surprise. PPD took the first step toward listing shares on a national exchange when it submitted a draft registration statement with the SEC in November. Thursday’s filing said It plans to list on the Nasdaq exchange under the symbol PPD.