(Adds offer details, background)
April 3 IMS Health Holdings Inc, TPG
Capital Management-backed healthcare information company, said
its initial public offering was priced at $20 per share, valuing
the company at about $6.64 billion.
With 65 million shares offered, the IPO raised about $1.30
billion. The offer price was slightly above the midpoint of its
expected price range of $18-$21 per share.
IMS Health is selling 52 million shares while the rest are
being offered by selling shareholders, the company said.
TPG, Canada Pension Plan Investment Board (CPPIB) and
Leonard Green & Partners LP took IMS Health private in 2010 for
$5.2 billion, including debt.
After the offering, TPG Capital's stake will be reduced to
50 percent from 62.2 percent, without underwriters exercising
their full option.
The underwriters have a 30-day over-allotment option of 9.75
million shares at the offer price, the company said.
Net proceeds from the offering would be used for debt
refinancing and general corporate purposes, IMS Health said.
Danbury, Connecticut-based IMS Health provides prescription
data to the pharmaceutical industry, medical device makers,
government agencies and other companies in the healthcare
sector. Founded in 1954, the company has over 5,000 clients and
operates in more than 100 countries, according to its website.
The company said 90 percent of its information revenue in
the last three fiscal years came from subscription or
IMS's operating income rose to $276 million in the nine
months ended Sept. 30, 2013 from $173 million a year earlier.
Revenue increased 4 percent to $1.87 billion.
IMS shares will start trading on Friday on the New York
Stock Exchange under the symbol "IMS."
JP Morgan, Goldman Sachs, Morgan Stanley and BofA Merrill
Lynch were among the underwriters for the IPO.
The company has a total of 331.892 million shares
(Reporting by Avik Das in Bangalore; Editing by Gopakumar