PRA Holdings has filed a confidential draft registration statement on Form S-1 to the US Securities and Exchange Commission (SEC) for a possible initial public offering (IPO) of shares. If approved, the IPO would enable PRA to reduce its borrowings and provide liquidity for its ongoing activities.
PRA has been privately owned since 2007, when it was bought by private equity firm Genstar Capital, although Genstar had previous owned a stake in the company in 2002 before floating it in 2004.
The move towards an IPO reflects increased confidence in the CRO sector following the successful IPO of Quintiles a few weeks ago. However, it may also reflect Genstar’s continuing desire to exit it’s investment – in 2011, rumours were widespread that PRA was up for sale, along with several other CROs.