ExamWorks Group, a rollup of independent medical exam providers that confirms insurance claims, made a small adjustment to its IPO plans on Thursday. The Atlanta, GA-based company still expects to raise $175 million by offering 10.3 million shares at $16-$18 but will now offer 7.7 million primary shares (previously 7.4 million). At the mid-point of the proposed range, ExamWorks will command a market value of roughly $575 million (previously $568 million). ExamWorks also updated financials for nine months ended September 30, during which it booked $20 million in Adjusted EBITDA on $109 million in sales. The company plans to list on the NYSE under the symbol EXAM. Goldman, Sachs & Co., Credit Suisse and Barclays Capital are the lead underwriters on the deal, which is expected to price during the week of October 25.
