MECHANICSBURG, Pa. and ADDISON, Texas, July 24, 2024 /PRNewswire/ -- Select Medical Holdings Corporation ("Select Medical") (NYSE: SEM) and Concentra Group Holdings Parent, Inc. ("Concentra") (NYSE: CON), a wholly owned subsidiary of Select Medical, today announced the pricing of Concentra's initial public offering ("IPO") of 22,500,000 shares of Concentra's common stock at a price to the public of $23.50 per share. In addition, Concentra has granted the underwriters a 30-day option to purchase up to an additional 3,375,000 shares of its common stock to cover over-allotments, if any. Concentra's common stock has been approved for listing on the New York Stock Exchange under the symbol "CON" and is expected to begin trading on July 25, 2024. The IPO is expected to close on July 26, 2024, subject to the satisfaction or waiver of customary closing conditions.
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).
J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers for the IPO. Deutsche Bank Securities, Wells Fargo Securities, Mizuho, RBC Capital Markets and Truist Securities are acting as joint book-running managers for the IPO. Capital One Securities, Fifth Third Securities and PNC Capital Markets LLC are acting as co-managers for the IPO.
A registration statement on Form S-1 relating to these securities was declared effective by the Securities and Exchange Commission. The IPO is being made only by means of a prospectus forming part of the effective registration statement. A copy of the prospectus relating to the IPO, when available, may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: [email protected]; and BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, email: [email protected].
This press release is neither an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Select Medical Overview
Select Medical is one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States based on number of facilities. Select Medical's reportable segments include the critical illness recovery hospital segment, the rehabilitation hospital segment, the outpatient rehabilitation segment, and the Concentra segment. As of June 30, 2024, Select Medical operated 107 critical illness recovery hospitals in 29 states, 33 rehabilitation hospitals in 13 states, 1,925 outpatient rehabilitation clinics in 39 states and the District of Columbia, and 547 occupational health centers in 41 states. At June 30, 2024, Select Medical had operations in 46 states and the District of Columbia.
Concentra Overview
Concentra is the largest provider of occupational health services in the United States by number of locations, with the mission of improving the health of America's workforce, one patient at a time. Our 11,000 colleagues and affiliated physicians and clinicians support the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care, to more than 50,000 patients each day on average from 547 occupational health centers in 41 states and 154 onsite health clinics at employer worksites in 37 states as of June 30, 2024.
Forward-Looking Statements
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements use words such as "expect," "estimate," "anticipate," "outlook," "intend," "plan," "confident," "believe," "will," "should," "would," "potential," "positioning," "proposed," "planned," "objective," "likely," "could," "may," and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. Among other things, statements regarding the expected closing of the IPO, whether the underwriters will exercise their over-allotment option and the expectations relating to the listing of Concentra's common stock on the New York Stock Exchange are examples of forward-looking statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following: the satisfaction of customary closing conditions relating to the IPO, capital market risks and the impact of general economic, industry or financial conditions. A further list and descriptions of these risks, uncertainties and other factors can be found in Concentra's prospectus relating to the IPO and in Select Medical's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements," and in Select Medical's subsequent filings with the U.S. Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov or on request from Concentra or Select Medical. Any forward-looking statement made in this press release speaks only as of the date of this press release. Neither Concentra nor Select Medical undertakes to update any forward-looking statement as a result of new information or future events or developments.
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
[email protected]
SOURCE Select Medical Holdings Corporation
