DANBURY, Conn. (AP) — IMS Health has raised $1.3 billion from an initial public offering of 65 million shares.
The Danbury, Conn.-based company, which provides healthcare data and consulting services to drug makers, payers and healthcare providers, priced the offering at $20 per share. That's within the projected range of $18 to $21 per share.
IMS Health Holdings Inc. is offering 52 million shares. Selling stockholders are offering 13 million shares. The company won't receive any proceeds from shares sold by the selling stockholders.
The selling stockholders are giving the underwriters a 30-day option to buy up to an additional 9.8 million shares.
IMS Health — which was previously called Healthcare Technology Holdings Inc. — anticipates using most of the net proceeds to pay back existing long-term debt.
The company reported 2013 revenue of $2.54 billion, up from $2.44 billion a year earlier.
The stock is expected to begin trading Friday on the New York Stock Exchange under the "IMS" ticker symbol.
The offering is expected to close on Wednesday.