It turns out that INC Research isn’t the only Triangle-based pharmaceutical services company that is expected to go public this week.
Shares of PRA Health Sciences, which like INC is based in Raleigh, is expected to price its shares on Wednesday and begin trading on Thursday, according to IPOscoop.com. The website bases its calendar of initial public offerings on information obtained from underwriters.
PRA is looking to sell 18.6 million shares of stock for between $20 and $23 each. It would use the proceeds to pay down its debt.
PRA turned profitable in the third quarter, generating $1.2 million in net income on revenue of $320.1 million.The company has 10,300 employees worldwide, including more than 450 locally.
Both PRA and INC are contract research organizations, or CROs, that help pharmaceutical and biotechnology companies test experimental drugs and analyze the results.
INC is expected to price its shares Thursday and begin trading on Friday, according to IPOscoop.com.
The market for IPOs is robust.
So far this year companies have raised $74.8 billion by going public, up 72.4 percent from a year ago, according to IPO fund manager Renaissance Capital. The number of companies that have gone public this year – 235 – is up 29.1 percent from a year ago.