GIC-backed WCG Clinical eyes up to $6.45b valuation in US IPO

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WCG Clinical Inc, a clinical trial solutions company backed by Singapore’s sovereign wealth fund GIC, said on Tuesday it was aiming to raise up to $765 million in its U.S. initial public offering.

The IPO would value the company at $6.45 billion, at the top end of its targeted price range of between $15 and $17 per share, according to a regulatory filing.

WCG, which also counts buyout firm Leonard Green & Partners LP among its investors, plans to sell 45 million shares as part of its IPO.

Companies that assist in the clinical research process saw a spike in demand last year as pharmaceutical companies tried to prevent the coronavirus outbreak from derailing their drug rollouts.

WCG‘s revenue jumped by a third to $137.6 million in the three months ended March 31, the filing showed. However, it incurred a net loss of $20.6 million in the same period, compared with a loss of $30.1 million a year earlier.

The company plans to list its shares on the Nasdaq under the symbol “WCGC”.

Goldman Sachs, Morgan Stanley and BofA Securities are among the underwriters for the offering.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.