Concentra to go public as largest occupational-health provider in the U.S.

By Steve Gelsi

Concentra's parent, Select Medical Holdings Corp., to retain 80% stake in profitable company.

Concentra Group Holdings Parent Inc. late Friday filed its initial public offering about six months after its parent, Select Medical Holdings Corp., said it planned to spin off the profitable occupational-health business.

Concentra plans to trade on the New York Stock Exchange under the symbol "CON," with Select Medical (SEM) retaining at least 80% of the stock.

J.P. Morgan?, ?Goldman Sachs & Co. LLC? and ?BofA Securities are lead underwriters of the IPO.

As the largest provider of occupational-health services in the U.S., Concentra reported about 11,000 colleagues and affiliated physicians and clinicians as of Dec. 31, 2023, with more than 50,000 patients per business day on average for 2023.

Concentra operates 547 occupational health centers in 41 states and 151 onsite health clinics at employer worksites in 37 states, as of March 31.

Concentra reported net income of about $49 million and revenue of $467.6 million in the three months ended March 31, up from net income of $46.3 million and revenue of $456.3 million in the year-ago period.

The company has yet to issue an estimated price range or number of shares in the IPO.

Select Medical's stock is up by 43.9% so far in 2024, compared to a13.9% rise by the S&P 500 SPX.

LandBridge seeks $1. 5 billion valuation in IPO

LandBridge Company LLC said Monday it plans to offer 14.5 million shares of stock at an estimated price range of $19 to $21 a share in its upcoming initial public offering.

LandBridge, which owns oil and gas acreage in the Permian Basin, plans to trade on the New York Stock Exchange under the ticker symbol "LB".

Based on the midpoint of the price range, LandBridge's IPO will raise about $297 million in the IPO with lead underwriters Goldman Sachs & Co. LLC and Barclays.

The company plans to have about 72 million Class A and Class B shares outstanding if underwriters sell their share allotment. That means LandBridge would have a market capitalization of about $1.5 billion based on an IPO price of $20.50 a share, at the midpoint of its estimated price range.

Private- equity firm Five Point Energy formed LandBridge in 2023 to acquire, manage and expand a strategic land position to support the development of its portfolio company WaterBridge, a water-handling infrastructure company.

LandBridge owns about 220,000 surface acres in the Permian Basin region in the U.S.

-Steve Gelsi

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06-17-24 1351ET

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