Concentra Group Holdings Parent, an occupational health services provider being spun out of Select Medical, raised $529 million by offering 22.5 million shares at $23.50, within the range of $23 to $26.
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 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 acted as joint bookrunners on the deal.
