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GIC-backed clinical trial firm WCG withdraws US IPO plans, Companies & Markets News & Top Stories

BENGALURU (REUTERS) – WCG Clinical, a clinical trial solutions company backed by Singapore’s sovereign wealth fund GIC, filed for the withdrawal of its initial public offering (IPO) on Wednesday (October 13) and joined a list of companies that have pulled the plug on their offerings in recent weeks.

The company did not provide a reason for the withdrawal in its filings with the U.S. Securities and Exchange Commission, but adverse market conditions have forced sports equipment maker iFIT Health & Fitness, AEON Biopharma, and others to recently abandon their IPO plans.

Inflation concerns and worries about the insolvent real estate developer China Evergrande Group have spooked investors and led to wild fluctuations in the price of global stocks in recent weeks.

On Wednesday, Labor Department data showed US consumer prices rose solidly in September and will continue to rise in the months ahead.

However, despite some difficulties, the IPO market remains resilient as a number of high profile companies such as Amazon.com-backed electric vehicle maker Rivian and chip maker GlobalFoundries will be listed on the stock exchange by the end of the year.

In a filing with the Securities and Exchange Commission in July, WCG Clinical announced that it would target a valuation of up to $ 6.45 billion ($ 8.72 billion) in its share offering.

The buyout firm Leonard Green & Partners is also an investor in the Princeton, New Jersey-based company.

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