GIC-backed clinical trial solutions firm WCG withdraws US IPO plans

WCG Clinical Inc, a clinical trial solutions company backed by Singapore’s sovereign wealth fund GIC, on Wednesday filed to withdraw its initial public offering, joining a list of companies that pulled the plug on their offerings in recent weeks.

The company did not give a reason for the withdrawal in its paperwork with the U.S. securities regulator, but adverse market conditions have forced exercise equipment maker iFIT Health & Fitness Inc, AEON Biopharma and others to abandon their IPO plans recently.

Inflation concerns and worries surrounding cash-strapped property developer China Evergrande Group have spooked investors and fueled wild gyrations in global equities in recent weeks.

On Wednesday, data from the Labor Department showed U.S. consumer prices increased solidly in September and are set to rise further in the coming months.

However, despite some hiccups, the market for IPOs remains robust, with a slew of high profile companies like Amazon.com backed electric vehicle maker Rivian and chipmaker GlobalFoundries lined up for stock market listings by the end of the year.

In a filing with the U.S. Securities and Exchange Commission in July, WCG Clinical had said it would target a valuation of up to $6.45 billion in its share offering.

Buyout firm Leonard Green & Partners LP is also an investor in the Princeton, New Jersey-based company.

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.