Sotera Health, which provides lab services to the medical device and pharma industries, announced terms for its IPO on Thursday.
The Broadview Heights, OH-based company plans to raise $1.0 billion by offering 46.6 million shares at a price range of $20 to $23. At the midpoint of the proposed range, Sotera Health would command a market value of $6.0 billion.
Sotera Health is a leading global provider of mission-critical sterilization and lab testing and advisory services to the medical device and pharmaceutical industries. It has more than 5,800 customers in over 50 countries, which include more than 40 of the top 50 medical device companies and 8 of the top 10 global pharmaceutical companies by revenue. The company operates 63 facilities worldwide.
Sotera Health was founded in 1946 and booked $795 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol SHC. J.P. Morgan, Credit Suisse, Goldman Sachs, Jefferies, Barclays, Citi and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2020.
