Quintiles Transnational Holdings Inc. (QTRN:US), the biggest provider of testing services to drugmakers, filed to raise $600 million in a U.S. initial public offering.
Morgan Stanley, Barclays Plc and JPMorgan Chase & Co. are leading the offering, according to a regulatory filing today. The company didn’t specify a price range or a date for the proposed sale, and the amount is a placeholder that may change.
Quintiles’s private-equity owners, which include Bain Capital Partners LLC and TPG Capital, are taking the company public as U.S. stocks trade near a five-year high. Better-than- expected profits among listed companies and renewed investor appetite for equities have helped fuel gains for buyout-backed companies that have completed IPOs this year such as Norwegian Cruise Line Holdings Ltd. and Boise Cascade Co.
Boston-based Bain and TPG of Fort Worth, Texas, own about 23 percent each of Quintiles, while affiliates of London-based 3i Group Plc hold 15 percent and Singapore state-owned asset manager Temasek Holdings Pte owns almost 10 percent, the filing shows. Dennis Gillings, the chairman and founder, owns about 24 percent of the stock with affiliates.
The firms bought Quintiles in 2008 in a transaction that valued the Durham, North Carolina-based company at about $3.8 billion, a person familiar with the matter said last year.
Quintiles was founded more than three decades ago and generated total revenue of $4.9 billion in 2012, according to the filing. The company operates in about 100 countries and has more than 27,000 employees.
Quintiles and its owners may offer stock in the IPO, according to the prospectus, and proceeds will be used to repay debt. Long-term borrowings at Quintiles totaled about $2.42 billion as of Dec. 31, while cash and equivalents amounted to $567.7 million.
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