Healthcare firm Concentra shares fall 6% in lackluster NYSE debut (updated)

Concentra group Parent

25/07/2024 17:52

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       July 25 (Reuters) - U.S. healthcare firm Concentra's
 CON.N  shares fell 6% in their debut on the New York Stock
Exchange on Thursday, in a sign of investor caution with new
listings amid uncertainties over interest-rate cuts. 
    Concentra's shares opened at $22, giving the company a
valuation of nearly $2.8 billion. 
    The Addison, Texas-based company sold 22.5 million shares on
Wednesday to raise nearly $529 million at an initial offering
price of $23.50, within its targeted range of $23 to $26 apiece.
        The IPO market, which began to show signs of strong
comeback after two dull years, has begun to falter as the U.S.
Federal Reserve continues to delay interest rate cuts, prompting
several companies to even postpone their debut plans.
        The company, 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  SEM.N  had announced
its plan to pursue the separation of Concentra, aiming to create
two independent, publicly traded companies. 

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Shailesh Kuber)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))