PRA Holdings, a global CRO, has submitted a confidential draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) for a possible initial public offering of shares of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined.

PRA intends to use the proceeds from the proposed IPO to reduce outstanding borrowings under its credit facilities, provide liquidity for existing shareholders, pay certain fees and expenses, and for working capital and general corporate purposes. The IPO is expected to commence after the SEC completes the review process initiated by PRA's confidential submission of its draft registration statement, subject to market conditions and other conditions.