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Drug development contract services company PPD announces initial public offering.
On Jan. 27. 2020, contract service provider PPD, Inc. announced the launch of an initial public offering (IPO), potentially worth $1.6 billion; the company said it intends to use the net proceeds from the IPO to cover debt and for general corporate purposes.
In a press statement, the company said it plans to issue 60 million shares of its common stock with the initial stock price expected to be between $24–$27 per share, the company reported.
The company has applied with the Securities and Exchange Commission to have its common stock approved for listing on The Nasdaq Global Select Market under the symbol “PPD.”
Source: PPD Inc.