LifeStance Health Group, which provides outpatient mental health services, raised $720 million by offering 40 million shares (18% insider) at $18, above the range of $15 to $17. At pricing, the company raised 13% more in proceeds than anticipated and commands a fully diluted market value of $6.8 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 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 acted as lead managers on the deal.
