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The Deal: Bain, TPG Get Windfall With Quintiles IPO

The firms' remaining stake in Quintiles is valued at $2.5 billion, without considering the underwriters' option. With the option, the value of the firms' collective stake is about $2 billion.

Between 2009 and 2012, Quintiles paid its shareholders roughly $1.5 billion in dividends, the most recent being one of $241.7 million paid out in October.

The private equity firms acquired the company in a $3 billion-plus deal in 2008.

Quintiles generated $4.8 billion of revenue in 2012, 12% higher than in the previous year, and conducted business in about 100 countries, filings show. Net income last year fell 27% to $176.6 million.

Morgan Stanley, Barclays plc and JPMorgan Securities LLC are serving as joint lead bookrunning managers for the offering. Citigroup Inc., Goldman, Sachs & Co., Wells Fargo Securities LLC, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are bookrunning managers. Robert W. Baird & Co., William Blair & Co. LLC and Jefferies & Co. are serving as lead co-managers, with Guggenheim Securities LLC, Piper Jaffray Cos., Raymond James & Associates Inc., RBC Capital Markets LLC. and UBS serving as co-managers.

Gerald Roach and Amy Batten at Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan LLP are counsel to the issuers.

Colin Diamond at White & Case LLP is lead counsel for the underwriters.

Written by Thomas Zadvydas in New York
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