Independent ER operator Adeptus Health sets terms for $100 million IPO
Adeptus Health, which operates the largest freestanding emergency room system in the US, announced terms for its IPO on Thursday. The Lewisville, TX-based company plans to raise $100 million by offering 4.9 million shares at a price range of $19 to $22. At the midpoint of the proposed range, it would command a fully diluted market value of $424 million.
Adeptus Health, which was founded in 2002 and booked $121 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol ADPT. It initially filed confidentially on March 14, 2014. Deutsche Bank, Goldman Sachs, Evercore Partners and Morgan Stanley are the joint bookrunners on the deal.