(Reuters) – Shares of Sotera Health Co SHC.O, a medical sterilization firm backed by Warburg Pincus and GTCR, surged 17% in their debut on Friday, after the company raised about $1.1 billion in its initial public offering.
The firm’s shares opened at $27, valuing it at about $7.5 billion. Sotera had priced its IPO at $23 per share.
Reuters in October had reported that private equity majors Warburg Pincus and GTCR were readying an IPO of Sotera, which could value the firm at more than $5 billion.
Maravai LifeSciences MRVI.O, which is also backed by GTCR, also made its debut on the Nasdaq on Friday and its shares jumped more than 18%.
For the nine months ended Sept. 30, Sotera recorded revenue of $601.3 million compared with $584.8 million a year earlier. However, net income attributable to the company fell about 28% to $5.1 million.
J.P. Morgan, Credit Suisse, Goldman Sachs, Jefferies, Barclays, Citigroup and RBC Capital Markets were the lead underwriters for the offering.
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