NEW YORK (TheStreet) -- Shares of INC Research (INCR) were falling 7.5% to $30.10 on heavy trading volume Thursday after the research company announced the pricing of 7 million shares sold by shareholders in a secondary offering.
INC Research priced the 7 million shares of Class A common stock in its secondary offering at $31 a share. All of the shares in the offering will be sold by existing shareholders. The shareholders granted the underwriters of the offering a 30-day option to buy up to an additional 1.05 million shares of Class A common stock.
The offering is expected to close on May 14, 2015.
INC Research will not receive and proceeds from the offering. INC Research Holdings Inc (INC Research) is a contract research organization (CRO).
About 2.1 million shares of INC Research were traded by 11:27 a.m. Thursday, above the company's average trading volume of about 135,000 shares a day.