Quintiles (Q) IPO Surges Higher

May 9, 2013 9:49 AM EDT
(Updated - May 9, 2013 10:03 AM EDT)

The IPO for Quintiles (NYSE: Q) opened for trading on the NYSE early Thursday at $43.76 per share after pricing 23,684,210 shares at $40 per share. Shares have since moved to $43.89.

Morgan Stanley, Barclays and J.P. Morgan served as joint lead book-running managers for the IPO.

Quintiles is the world's largest provider of biopharmaceutical development services and commercial outsourcing services.

In 2012, the company's service revenues were $3.7 billion, net income attributable to shareholders was $177.5 million, non-GAAP adjusted net income was $208.9 million, and non-GAAP adjusted EBITDA was $543.7 million. As of December 31, 2012, the company had total assets of $2.5 billion, total liabilities of $3.9 billion and a shareholders' deficit of $1.4 billion. They had backlog of $8.7 billion as of December 31, 2012 and net new business of $4.5 billion during 2012.

Quintiles conducts business in approximately 100 countries and has approximately 27,000 employees.

The IPO was sponsored by private equity firms Bain Capital, TPG, 3i and Temasek.

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