PRA Health raises $306M in IPO

PRA Health Sciences Inc. (NASDAQ:PRAH) gained $1.62 to $19.62 in its first day of trading on Thursday after it raised $306 million via the sale of 17 million shares at $18 in an IPO on NASDAQ. The price valued PRA at $1 billion. Jefferies; Citigroup; KKR; UBS Securities; Credit Suisse; Wells Fargo; Baird; and William Blair are underwriters.

On Nov. 3, PRA proposed to sell 17 million shares at $20-$23. At $21.50, it would have raised $365 million and been valued at $1.2 billion. The CRO reported revenues of $1.1 billion for the first nine months of 2014. ...