CRO Medpace registers $150m IPO

Contract research organization Medpace last week registered for a $150 million initial public offering it plans to use to pay down some of its debt.

Private equity shop Cinven paid CCMP Capital Advisors $921.3 million for Cincinnati-based Medpace in 2014. Medpace filed confidentially for the IPO back in March. Jefferies and Credit Suisse are joint book-runners for the flotation.

Although Medpace said the offering could gross $150 million, that number is a placeholder and is likely to change. The company plans to list on the NASDAQ exchange under the “MEDP” symbol, according to a regulatory filing.

Medpace, which posted sales of $320.1 million last year, swung to black during the 1st quarter on sales growth of 15.5%to $87.8 million. Profits were $3.5 million, or 8¢ per share, compared with -$59.0 million or no cents per share during Q1 2015.

Medpace employs 2,200 workers in 35 countries, said in the filing that it had net debt of $378.5 million as of March 31.

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