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Sotera Health stock set to start trading after IPO pricing valued company at more than $6 billion

Shares of Sotera Health Co. are set to start trading Friday, after the Ohio-based sterilization and lab-testing services provider’s initial public offering priced at the high end of the expected range. The company said late Thursday that its 46.6 million-share offering priced at $23.00 a share, compared with expectations of between $20 to $23, as the company raised $1.07 billion in the IPO. With 277.33 million shares outstanding after the IPO, the pricing values the company at $6.38 billion. The stock is expected to begin trading on the Nasdaq under the symbol “SHC.” For the nine months through Sept. 30, the company recorded net income of $5.1 million on revenue of $601.3 million, after income of $7.1 million on revenue of $584.8 million in the same period a year ago. The company is going public on a day that the Renaissance IPO ETF is rising 0.9% in morning trading while the S&P 500 is falling 0.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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