GIC-backed clinical trial firm WCG reveals revenue jump in IPO filing

(Reuters) -WCG Clinical Inc, a clinical trial solutions company backed by Singapore’s sovereign wealth fund GIC, filed for an initial public offering (IPO) in the United States on Thursday and revealed a jump in its quarterly revenue.

The company, which also counts buyout firm Leonard Green & Partners LP among its investors, plans to list on the Nasdaq.

WCG was valued at $3.1 billion when Leonard Green took a stake in the company in 2019, Reuters reported at the time. Private equity firm Arsenal Capital Partners is also an investor in the firm which helps clients reduce the time and cost of enrolling patients in clinical trials.

The company’s revenue jumped by a third to $137.6 million in the three months ended March 31, its filing showed. Net loss came in at $20.6 million from $30.1 million last year.

Princeton, New Jersey-based WCG is looking to issue into an IPO market which has been on a record run, helped by the U.S. Federal Reserve’s easy money policy and unprecedented government stimulus.

Goldman Sachs, Morgan Stanley and BofA Securities are among the underwriters for WCG’s IPO.

Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath