Change Healthcare Sets Terms For $750M IPO

Change Healthcare, an independent health care technology platform, announced terms for its proposed initial public offering Friday. 

The IPO Terms

The Nashville, Tennessee-based company plans to offer 42.9 million shares in an estimated price range between $16 and $19 per share.

At the midpoint of the price range, the offering will generate gross proceeds of $750.75 million.

Change Healthcare is seeking to list its shares on the Nasdaq under the ticker symbol "CHNG."

Barclays, Goldman Sachs and JPMorgan are the underwriters for the offering.

The Company

Change Healthcare was formed in 2017 as joint venture with McKesson Corporation MCK by combining McKesson's technology solutions segment and substantially all of Change Healthcare's legacy business.

The company provides data- and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. health care system with the aim of driving improved results in the complex workflows of health care system payers and providers.

Its solutions are also aimed at improving clinical decision-making, simplifying billing, collection and payment processes and enabling a better patient experience.

Change Healthcare's customer base includes about 2,200 government and commercial payer connections, 900,000 physicians, 118,000 dentists, 33,000 pharmacies, 5,500 hospitals and 600 laboratories.

"This network transacts clinical records for over 112 million unique patients, more than one-third of the estimated total U.S. population," the company said in its S-1 filing.

Related Links:

Chewy IPO: A Hybrid Play On Lucrative Pet Care Market, E-Commerce

Report: Alibaba Files For Hong Kong Listing As Trade Tensions Simmer