INC could afford confetti after Nasdaq IPO
In October Raleigh, North Carolina-based INC Research outlined plans to go public and offer 8.1m shares valued in the $17 to $20 range to investors. When it the joined the market a month later, a 10% surge saw the CRO raise more than the $150m it had predicted.
The increase saw INC finish the day with a market capitalisation of $1.04bn, which was higher than the $915m forecast.
INC’s S1 filing with the Securities and Exchange Commission (SEC) revealed that 44% of its revenue for 2013 came from ten customers with the biggest spending client, Japanese drugmaker Otsuka, contributing some 15%.
INC’s former private equity owners Avista Capital Partners and the Ontario Teacher’s Pension Plan – which acquired the CRO in 2010 – retained holdings in the company after the IPO closed on November 13.
