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    Home»IPO»TPG’s Novotech Is Eyeing an IPO Again, After Gaining $3bn Valuation
    IPO

    TPG’s Novotech Is Eyeing an IPO Again, After Gaining $3bn Valuation

    January 20, 2022Updated:January 20, 20222 Mins Read
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    Proceeds from the transactions will provide strong support to Novotech Holdings’ organic and inorganic growth strategies

    Novotech Health Holdings Pte. Ltd. today announced the completion of a financing round of US$760 million  comprising a US$255 million private placement and a US$505 million refinancing transaction, setting itself as the leading Asia-Pacific biotech specialist Contract Research Organization to pursue further growth opportunities by M&A in geographical expansion as well as data, AI and tech-enabled offerings.

    The private placement transaction attracted multiple new investors as part of a strategic expansion of the Company’s shareholder base. Several global institutional investors, sovereign wealth funds and healthcare focused investors participated in this private placement transaction, along with all of the existing institutional shareholders of the Company. This transaction values the Company at approximately US$3 billion. Notwithstanding the volatile market environment, particularly across public capital markets in Asia during the fourth quarter of 2021, the Company successfully attained a robust valuation step-up in this transaction as compared to the valuation following the previous private placement transaction that was completed in February 2021. TPG Capital Asia, the Asia-focused private equity platform of global alternative asset firm TPG, will continue to be the controlling shareholder of the Company, and will continue to provide dedicated and long-term support for the Company’s future development.

    In addition, on the back of a continued period of strong growth, Novotech Holdings is pleased to announce the completion of a $505 million debt refinancing transaction. This refinancing transaction, which includes a revolver and growth facility, replaces the Company’s existing debt facilities which were due to expire in 2023. This refinancing exercise further optimizes Novotech Holdings’ balance sheet, establishes a fit-for-purpose capital structure and provides additional support for the execution of the Company’s various growth initiatives. Both existing and new lenders participated in this refinancing transaction.

    Read more/Source: PR Newswire

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