Two local companies, which had both shelved earlier attempts to sell shares to the public, said in filings yesterday with the Securities and Exchange Commission that they intended to raise money through initial public offerings.
InPhonic Inc., which sells wireless services and devices over the Internet, said it wanted to raise up to $100 million by offering shares to the public. This is the second time the Washington-based company has filed for an IPO. It registered in late 2002 but decided not to go forward.
PRA International, a McLean outsourcing company that manages clinical trials for companies trying to get Food and Drug Administration approval for their drugs, said it wanted to raise up to $143.8 million. In 1997, the company, then named Pharmaceutical Research Associates Inc., registered with the SEC but declined to go forward, said Patrick Donnelly, PRA's president and chief executive.
InPhonic has grown rapidly in recent years, although it has never generated a profit. Sales have gone from $13 million in 2001 to $119 million last year, according to its SEC filing. The company lost $37 million in 2003.
David A. Steinberg, chairman and chief executive, declined to comment. Steinberg owns 25 percent of the company, according to the SEC filing.
Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Thomas Weisel Partners LLC, Allen & Co. LLC, and Pacific Crest Securities Inc. will underwrite the offering.
PRA decided to go public now "to capitalize on the growth of the company and the current situation in the markets," Donnelly said. Credit Suisse First Boston; Bear, Stearns & Co.; William Blair & Co.; and Jefferies & Co. are underwriters. PRA earned $13.2 million on $290 million of revenue during 2003.
Donnelly said Genstar Capital LLP, a San Francisco investment firm, owns roughly 60 percent of PRA and the management employees own the rest. Genstar bought its share from the Carlyle Group, a Washington private equity firm, in 2001. Carlyle invested in PRA in 1996. PRA, which was founded in 1976, now has 2,500 employees in five continents. In 2003, it had revenue of about $290 million, according to its Web site.