LifeStance Health Group, which provides outpatient mental health services, announced terms for its IPO on Tuesday.
The Scottsdale, AZ-based company plans to raise $640 million by offering 40 million shares (18% insider) at a price range of $15 to $17. At the midpoint of the proposed range, LifeStance Health Group would command a fully diluted market value of $6.1 billion.
LifeStance states that it has built one of the nation's largest outpatient mental health platforms based on number of clinicians and geographic scale, utilizing a tech-enabled in-person and virtual care delivery model. Its clinicians offer a comprehensive suite of mental health services, spanning psychiatric evaluations and treatment, psychological and neuropsychological testing, and individual, family, and group therapy. As of March 31, 2021, the company employed over 3,300 licensed mental health clinicians through its subsidiaries and affiliated practices across 73 MSAs in 27 states.
LifeStance Health Group was founded in 2017 and booked $447 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol LFST. Morgan Stanley, Goldman Sachs, J.P. Morgan, Jefferies, TPG Capital BD, UBS Investment Bank, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of May 31, 2021.
