WhiteGlove Health, which provides low cost primary and chronic care to self-insured firms mostly in Texas, slashed its proposed price range by 32% on Friday. According to the SEC filing, WhiteGlove now plans to raise $19 million by offering 2.5 million shares at a range of $6 to $9 after previously outlining a range of $9 to $13. At the revised midpoint, WhiteGlove's proposed market value drops to $109 million (from $160 million previously) and its proposed EV drops to $76 million (from $127 million).
After several unsuccessful attempts to price its offering this summer, WhiteGlove hoped to debut on the NYSE/Amex this week, but has pushed back its planned pricing yet again. The deal is now expected to price during the week of September 19.
WhiteGlove, which was founded in 2006 and booked $6 million in sales for the 12 months ended June 30, 2011, plans to list under the symbol WGH. WR Hambrecht, Rodman & Renshaw are the lead underwriters on the deal.
