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

BENGALURU (REUTERS) - WCG Clinical, 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 among its investors, plans to list on Nasdaq.

WCG was valued at US$3.1 billion (S$4.2 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 US$137.6 million in the three months ended March 31, its filing showed. Net loss came in at US$20.6 million from US$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 United States 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.

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