Health services provider Concentra confidentially files for US IPO
18/03/2024 13:44
March 18 (Reuters) - Occupational health services
provider Concentra Group, a unit of healthcare company Select
Medical Holdings SEM.N , said on Monday it has confidentially
filed for an initial public offering (IPO) in the United States.
The number of shares to be offered and the price range for
the proposed offering have not yet been determined, Concentra
said.
Earlier this year, Select Medical had announced its plan to
pursue the separation of Concentra, aiming to create two
independent, publicly traded companies. The process is expected
to be completed in late 2024.
The potential offering would add to the growing number of
healthcare firms looking to list amid a stuttering rebound in
the IPO market in the United States.
Healthcare provider PACS Group last week filed its paperwork
to go public in the U.S., while Peruvian firm Auna is set to
list on the New York Stock Exchange this week.
Private equity firm KKR-backed BrightSpring Health Services
BTSG.O also went public in January.
Founded in 1979, Concentra provides occupational medicine,
urgent care, physical therapy, drug screening and physical exams
in the United States.
The company operates 544 occupational health centers and 150
onsite clinics at employer worksites throughout 42 states, apart
from providing telemedicine for work-related illnesses and
injuries.
Concentra was previously owned by health insurer Humana
HUM.N , which sold it in 2015 for about $1.06 billion to a
joint venture between Select Medical and private equity firm
Welsh, Carson, Anderson & Stowe.
Select Medical boosted its ownership in Concentra to 100% in
2021.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Shilpi Majumdar)
((ArasuKannagi.Basil@thomsonreuters.com;))