HealthPort files for $100 mln IPO
HealthPort Inc, a healthcare information service provider, filed with regulators on Monday to raise up to $100 million in an initial public offering, becoming the latest company with private equity funding to apply to go public.
HealthPort serves hospitals and physician clinics with a service that allows information from patient records to be requested by and provided to authorized parties such as insurance companies and government agencies.
HealthPort said in its prospectus, filed on Monday with the U.S. Securities and Exchange Commission, that it is the largest provider of those services and has a 20 percent market share.
The filing did not give an indication of the terms of the IPO, including its potential timing.
HealthPort's principal shareholder is ABRY Partners LLC, a Boston-based private equity firm specializing in media and information technology companies.
A number of buyout backed firms have filed in recent weeks to launch IPOs as issuers and their backers try to take advantage of healthier stock markets.
For the six months ended June 30, HealthPort had revenues of $126.8 million, up 51.3 percent over the year earlier period, but had a net loss of $6.8 million, according to the prospectus.
HealthPort plans to use part of the IPO proceeds to pay down debt.
The IPO's bookrunners will be led by Deutsche Bank Securities (DBKGn.DE) and William Blair & Co.
HealthPort has applied to list on Nasdaq under the symbol HPRT.
(Reporting by Phil Wahba; editing by Carol Bishopric)
© Copyright Thomson Reuters 2024. All rights reserved.