PPD Inc. said Monday terms of its initial public offering have been set, as the North Carolina-based drug development services provider for the biopharmaceutical industry looks to raise up to $1.62 billion. The company said it is offering 60 million shares in the IPO, which is expected to price between $24 and $27 a share. With 339.4 million shares to be outstanding after the IPO, PPD could be valued at up to $9.16 billion. The stock is expected to list on the Nasdaq under the ticker symbol “PPD.” Barclays, J.P. Morgan, Morgan Stanley and Goldman Sachs are the lead underwriters. The company reported net income of $47.9 million on revenue of $2.98 billion for the nine months ended Sept. 30, after income of $59.7 million on revenue of $2.77 billion in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 14.6% over the past three months, while the SPDR Health Care Select Sector ETF has advanced 11.3% and the S&P 500 has gained 9.0%.
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