WILMINGTON, N.C. (WECT) - Pharmaceutical Product Development, LLC (PPD) announced Monday the launch of its initial public offering of 60 million shares of stock.
The initial public offering price is expected to be between $24 and $27 per share, the company said in a news release.
PPD, one of New Hanover County’s largest employers, says it has applied to have its common stock approved for listing on the Nasdaq stock market under the symbol “PPD.”
Earlier this month, PPD 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 said the IPO could actually raise an estimated $1 billion.
Back in November, PPD 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.