KKR's PRA Health Sciences Set Terms for Possible $400 IPO
November 04, 2014
PRA Health Sciences, a Kohlberg Kravis Roberts portfolio company, has set terms for its upcoming IPO, planning to list its shares on the NASDAQ at an estimated range of $20 to $23. At the range midpoint, the offering would raise about $400 million and give PRA an initial market cap of roughly $1.2 billion. The contract research organization, which intends to trade under the symbol PRAH, provides outsourced clinical development services to the biotechnology and pharmaceutical industries. Its platform includes more than 75 offices and 10,000+ employees worldwide. KKR acquired it for about $1.3 billion in September 2013; the firm's stake would drop from 93.2% to 64% after the offering.