Change Healthcare, which provides healthcare revenue cycle management software and services, announced terms for its IPO on Friday.
The Nashville, TN-based company plans to raise $750 million by offering 42.9 million shares at a price range of $16 to $19. At the midpoint of the proposed range, Change Healthcare would command a market value of $5.2 billion.
Concurrently, the company plans to raise $250 million by offering 5.0 million tangible equity units at $50 per unit; the terms will be detailed in a separate prospectus.
Change Healthcare was founded in 2005 and booked $3.3 billion in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol CHNG. Barclays, Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Morgan Stanley, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 24, 2019.
