UPDATE 1-GIC-backed clinical trial firm WCG withdraws U.S. IPO plans

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(Adds context, WCG’s IPO details)

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

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The company gave no reason for the return in its paperwork with the US securities regulator, but adverse market conditions forced exercise equipment makers iFIT Health & Fitness Inc, AEON Biopharma and others to drop their IPO plans recently. Is.

Inflation concerns and concerns over cash-strapped property developer China Evergrande Group have scared investors in recent weeks and fueled a rally in global stock markets.

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On Wednesday, Labor Department data showed US consumer prices rose solid in September and are likely to rise further in the coming months.

While the market for IPOs remains strong, despite some hiccups, several high-profile companies such as Amazon.com-backed electric vehicle maker Rivian and chipmaker GlobalFoundries are gearing up for stock market listings by the end of the year.

In a July filing with the US Securities and Exchange Commission, WCG Clinical 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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