Healthcare firm Concentra prices US IPO at nearly $3 bln valuation (updated)

Concentra group Parent

25/07/2024 03:16

(Adds details and background)
       July 24 (Reuters) - Concentra Group  CON.N  set the
pricing of its U.S. initial public offering (IPO) at a valuation
of $2.97 billion, the U.S. healthcare firm said on Wednesday.
    The company, which is a unit of Select Medical  SEM.N ,
priced its IPO at $23.5 apiece, close to the lower end of its
targeted range of $23 to $26. It aims to raise around $528.8
million.
        Concentra, founded in 1979, is now the largest provider
of occupational health services in the United States by number
of locations, according to its IPO prospectus.
    Earlier this year, Select Medical announced its plan to
pursue the separation of Concentra and to create two independent
and publicly traded companies.
        Concentra is expected to begin trading on the New York
Stock Exchange on July 25 under the ticker symbol "CON".
    

 (Reporting by Shivani Tanna in Bengaluru; Editing by Sherry
Jacob-Phillips and Eileen Soreng)
 ((ShivaniJayesh.Tanna@thomsonreuters.com;))