Team Health IPO prices low, sells fewer shares
Date: December 16, 2009
The latest initial public offering backed by private equity firm Blackstone Group (BX.N) priced shares below expectations on Tuesday, and sold fewer shares than anticipated, according to an underwriter.
Hospital staffing company Team Health Holdings Inc priced shares at $12, each, and raised about $159.6 million. It had originally expected to sell 20 million shares priced between $14 and $16.
The Knoxville, Tennessee-based company, which is 92 percent owned by funds affiliated with private equity investor Blackstone, provides hospital staffing and other administrative services to 550 U.S. hospitals, according to a prospectus filed by the U.S. Securities and Exchange Commission.
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Source: Reuters
