UPDATE 1-Quintiles files for IPO of up to $600 mln

Fri Feb 15, 2013 5:40pm EST

Feb 15 (Reuters) - Quintiles Transnational Holdings Inc, the largest provider of testing services to drugmakers, filed with U.S. regulators on Friday to raise up to $600 million in an initial public offering of common stock.

The company, backed by private equity investors that include Bain Capital LLC and TPG Capital LP, did not reveal how many shares it planned to sell or their expected price.

Quintiles, which runs drug trials for pharmaceutical companies, has an equity value of $2.77 billion as of March 2012 when Britain's 3i Group Plc valued its 4.9 percent stake in the firm at 86 million pounds ($133.5 million).

3i and Singapore's Temasek Life Sciences Private Ltd are minority shareholders in Quintiles.

Morgan Stanley, Barclays and J.P. Morgan Chase & Co would be the lead underwriters for the IPO.

Net proceeds from the IPO will be used to repay term loan, Quintiles said in the filing.

The Durham, North Carolina-based company did not reveal the exchange in which it wishes to list or its symbol.

The offering comes five years after Bain and TPG became lead investors in Quintiles in January 2008.

The company reported net income of $177.5 million on revenue of $4.86 billion in 2012.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article