Change Healthcare Inc. Prices IPO at $13 a Share
June 26 2019 - 8:11PM
Dow Jones News
By Patrick Thomas
Change Healthcare Inc. said Wednesday its pricing its initial
public offering of 42.9 million shares at $13 a share, below its
previously stated range of $16 to $19 a share.
The Nashville-based company is a healthcare technology company
indirectly controlled by McKesson Corp. The company is expected to
begin trading on the Nasdaq global select market on Thursday under
the symbol CHNG.
After deducting estimated underwriting discounts and
commissions, the company said it expects to generate $709 million
in proceeds, or $815 million if the underwriters exercise in full
their option to buy additional shares of common stock, the company
said in a securities filing earlier this month.
The company said it plans to use the proceeds from the offering
to repay a portion of its debt under its senior secured term loan
facility.
For the year that ended March 31, the company generated a profit
of $176.7 million and revenue of $3.28 billion.
Change Healthcare's network, which includes physicians,
pharmacies and hospitals, handles clinical-records transactions for
more than 112 million patients, the company said.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
June 26, 2019 19:56 ET (23:56 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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