U.S based biosimulation company Certara Inc. held its initial public offering on December 12 raising around $630 million from the offering. The drug development consultancy company priced its shares at $23 per share in the IPO.
Both the IPO price and size was greater than what the company had announced, earlier the company had issued a price range of $19-$22 apiece intending to sell 24.4 million shares however the company sold 29.1 million shares.
The company is owned by private equity firm EQT, the IPO gave the company a market valuation of $3.5 billion.
EQT bought a majority stake in Certara from private equity firm Arsenal Capital Partners three years ago in a deal worth $850 million. Following the IPO EQT will continue being majority shareholder in Certara.
Certara will begin trading on Nasdaq on December 11 under the ticker symbol ‘CERT’.