Concentra Group Holdings Guardian (CON), acquired from hospital operator Choose Medical Holdings (NYSE: SEM), filed paperwork for a U.S. preliminary public providing with the U.S. Securities and Trade Fee (SEC) on Friday.
Occupational well being companies supplier to go public Listed on the New York Inventory Trade beneath the image “CON”.
As a part of the providing, as much as 19.9% ​​of its widespread shares can be supplied to public traders, with Choose Medical (SEM) retaining possession of at the very least 80.1%.
The Addison, Texas-based firm, based in 1979, operated 547 freestanding occupational well being facilities in 41 states as of March 31.
Along with working 151 on-site well being clinics at employer workplaces in 37 states, the corporate operates telemedicine packages serving 43 states and the District of Columbia.
In 2023, Concentra (CON) generated income of $180 million, up about 6.6% yearly, primarily on account of its occupational well being heart, which added $170 million in income, up about 6.5% yearly.
The divestment was permitted by Choose Medical’s (SEM) board of administrators in January and is scheduled to be accomplished by the tip of 2024.