PPD files for IPO that could raise $1 billion

PPD files for IPO that could raise $1 billion
Pharmaceutical Product Development, LLC (PPD) is one step closer to once again becoming a publicly-traded company. (Source: WECT)

WILMINGTON, N.C. (WECT) - Pharmaceutical Product Development, LLC (PPD) is one step closer to once again becoming a publicly-traded company.

PPD on Thursday filed an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), seeking to raise up to $100 million. However, analysts from Renaissance Capital say the IPO could actually raise an estimated $1 billion.

Back in November, PPD, one of the largest employers in New Hanover County, submitted confidential documents to the SEC seeking to start the process of being listed on the Nasdaq stock market.

The Wilmington-based drug research company was founded in 1985 and acquired in 2011 by Hellman & Friedman and the Carlyle Group in a $3.9 billion deal that made PPD a private company.

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