Shares of Quintiles Transnational Holdings Inc. are surging in their trading debut on the New York Stock Exchange.
The stock is up more than 9 percent to $43.79 in midmorning trading while broader indexes are down slightly. That's a $3.79 increase from the Durham, N.C., company's $40 initial public offering price.
The IPO raised a total of $947.4 million for the company, selling shareholders and their underwriters.
Quintiles helps large pharmaceutical companies test and sell drugs. It plans to use most of its proceeds to pay debt. It will receive $496.1 million after underwriting discounts and commissions are subtracted. Selling shareholders will receive $399.1 million.
Quintiles offered 13.1 million shares, and selling shareholders provided about 10.6 million.
The stock trades under the ticker symbol "Q."