Public Policy Holding Company (PPHC) completed the pricing of its U.S. initial public offering at $12.25 per share, producing about $50.8 million in gross proceeds before accounting for offering-related expenses, the company said in a statement.
The offering comprised a total of 4.15 million shares. Of those, PPHC issued 3.4 million newly offered shares, while 750,000 shares were sold by existing stockholders. The company will not receive any proceeds from the shares sold by those existing holders.
Under the terms of the deal, the underwriters received a 30-day option to buy up to 622,500 additional shares at the same offering price. According to the statement, shares began trading on January 28 on the Nasdaq Global Market, and the offering was expected to close on January 29, subject to customary closing conditions.
Oppenheimer & Co. and Canaccord Genuity served as lead bookrunning managers for the transaction, with Texas Capital Securities acting as joint bookrunner. The Securities and Exchange Commission declared the registration statement effective on January 27.
PPHC provides strategic communications services encompassing government relations, public affairs and corporate communications. Since its incorporation in 2014, the company has built a client base of roughly 1,400 accounts that include companies, trade associations and non-governmental organizations across industries such as healthcare, financial services, energy and technology.
The firm operates 18 offices domestically and internationally. Its service offerings listed in the statement include government relations, research and analytics, digital advocacy campaigning and compliance support.
Context and implications
From a capital-raising standpoint, the transaction combines a primary issuance that increases PPHC's equity capital with a secondary sale enabling existing shareholders to monetize holdings. The 30-day option for additional shares provides underwriters flexibility to meet investor demand without altering the stated offering price.
Timing and regulatory milestones were stated explicitly: the SEC declared the registration statement effective on January 27, shares commenced trading January 28, and the deal was expected to close January 29, pending standard closing steps.