Medpace has raised $161 million in its initial public offering, the top end of the CRO’s desired range, despite persistent headwinds for other sectors including biotech.
The Cincinnati, OH-based company, which made $332 million in the previous financial year, had been owned by investment firms Cinven and MPI, who held about 75% and 25% of the company respectively.
This exit to the public markets is a fast turnaround for Cinven, which bought Medpace from private equity firm CCMP Capital Advisors back in 2014 for around $900 million.
The CRO sold 7 million shares at $23--the high end of the range of $20 to $23. Medpace said in a statement that it plans to list on the Nasdaq under the symbol "MEDP."
The company added that it intends to “use the net proceeds of this offering to repay a portion of its outstanding borrowings under its senior secured term loan facility.”
- check out the release