Team Health Holdings, a Blackstone-backed provider of outsourced healthcare staffing services to hospitals, announced terms for its IPO on Thursday. The Knoxville, TN-based company now plans to raise $300 million by offering 20 million shares at a price range of $14.00 to $16.00, after originally registering to raise an estimated $100 million. At the mid-point of the proposed range, the company will command a market value of $897 million. Team Health, which was founded in 1979 and booked $1.4 billion in sales over the last 12 months, plans to list on the NYSE under the symbol TMH. Post offering, the company will continue to be majority owned by Blackstone, though the private equity firm expects to cut its stake from 90% to 54%. BofA Merrill Lynch, Goldman Sachs, Barclays Capital and Citi are the lead bookrunners on the deal, which is expected to price on Dec. 15.
