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GIC-backed clinical trial firm WCG withdraws U.S. IPO plans

Kitco News

(Adds context, WCG’s IPO details)

Oct 13 (Reuters) - WCG Clinical Inc, a clinical trial solutions company backed by Singapore’s sovereign wealth fund GIC, on Wednesday filed to withdraw its initial public offering, joining a list of companies that pulled the plug on their offerings in recent weeks.

The company did not give a reason for the withdrawal in its paperwork with the U.S. securities regulator, but adverse market conditions have forced exercise equipment maker iFIT Health & Fitness Inc, AEON Biopharma and others to abandon their IPO plans recently.

Inflation concerns and worries surrounding cash-strapped property developer China Evergrande Group have spooked investors and fueled wild gyrations in global equities in recent weeks.

On Wednesday, data from the Labor Department showed U.S. consumer prices increased solidly in September and are set to rise further in the coming months.

However, despite some hiccups, the market for IPOs remains robust, with a slew of high profile companies like backed electric vehicle maker Rivian and chipmaker GlobalFoundries lined up for stock market listings by the end of the year.

In a filing with the U.S. Securities and Exchange Commission in July, WCG Clinical had said it would target a valuation of up to $6.45 billion in its share offering.

Buyout firm Leonard Green & Partners LP is also an investor in the Princeton, New Jersey-based company. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

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