Medical Transcription Billing, which provides practice and revenue cycle management services to physicians and hospitals, announced terms for its IPO on Monday. The Somerset, NJ-based company plans to raise $30 million by offering 3.0 million shares at a price range of $9 to $11. At the midpoint of the proposed range, it would command a fully diluted market value of $98 million.
Medical Transcription Billing, which was founded in 2001 and booked $11 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol MTBC. Aegis Capital joins Chardan Capital Markets and Summer Street Research Partners as the joint bookrunners on the deal.