Select Medical launches roadshow for IPO of Concentra

Select Medical (SEM) yesterday announced that Concentra Group, a wholly owned subsidiary of Select Medical, has launched a roadshow for the initial public offering of 22.5M shares of its common stock. Concentra expects to grant the underwriters a 30-day option to purchase up to an additional 3.375M shares of its common stock to cover over-allotments, if any. The IPO price is currently expected to be between $23.00 and $26.00 per share. Concentra has been approved to list its common stock on the New York Stock Exchange under the symbol “CON.” The IPO is subject to market and other conditions, and there can be no assurance as to whether or when the IPO may be completed, or as to the actual size or terms of the IPO. After the completion of the IPO, Select Medical will own 104,093,503 shares of Concentra’s common stock, representing 82.23% of the total outstanding shares of Concentra’s common stock, or 80.09% if the underwriters exercise in full their over-allotment option, the company noted. J.P. Morgan, Goldman Sachs and BofA Securities are acting as lead book-running managers for the IPO.