IPO News Archive
Select Medical prices its IPO at $10, below the range

9/24/09


Select Medical Holdings, a leading operator of specialty hospitals and outpatient rehabilitation clinics, raised $300 million by offering 30 million shares (3.33 million shares fewer than anticipated) at $10, below its proposed $11 to $13 range. Goldman Sachs, Morgan Stanley, BofA Merrill Lynch and JP Morgan acted as joint book-running managers for the offering, and the stock is expected to commence trading on the NYSE under the symbol SEM on Friday. This is the second time for Select Medical to become a publicly traded entity. The company first went public in April 2001 at a split-adjusted IPO price of $4.75 and was taken private by its original financial backers Welsh Carson and Thoma Cressey (fka GTCR) in 2005 at $18, a 279% premium. Welsh Carson and Thoma Cressey continue to own a significant stake in the firm. For additional information about Select Medical, please view our Featured IPO write-up.

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