Concentra Group Holdings Parent, an occupational health services provider being spun out of Select Medical, announced terms for its IPO on Monday.
The Addison, TX-based company plans to raise $551 million by offering 22.5 million shares at a price range of $23 to $26. At the midpoint of the proposed range, Concentra Group Holdings Parent would command a market value of $3.1 billion.
Concentra states that it is the largest provider of occupational health services in the US by number of locations. As of March 31, 2024, the company operated 547 stand-alone occupational health centers in 41 states, and 151 onsite health clinics at employer worksites in 37 states. It has also expanded its reach via its telemedicine program, serving 43 states and the District of Columbia. Concentra's network of approximately 11,000 colleagues and affiliated physicians and clinicians supported the delivery of services to more than 50,000 patients each business day on average during 2023.
Concentra Group Holdings Parent was founded in 1979 and booked $1.8 billion in revenue for the 12 months ended March 31, 2024. It plans to list on the NYSE under the symbol CON. J.P. Morgan, Goldman Sachs, BofA Securities, Deutsche Bank, Wells Fargo Securities, Mizuho Securities, RBC Capital Markets, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of July 22, 2024.
