NEW YORK, N.Y. – Shares of Surgical Care Affiliates are rising after the outpatient surgical centre operator’s initial public offering raised a total of $234.7 million.
The company’s IPO of 9.8 million shares priced at $24 per share, at the high end of its estimates. The stock rose $3.60, or 15 per cent, to $27.60 Wednesday morning.
Surgical Care Affiliates Inc. is selling 7.9 million shares for $188.6 million in gross proceeds. The remaining shares are being sold by company shareholders.
The underwriters of the IPO will have the option to buy another 1.5 million shares from those shareholders.
Surgical Care Affiliates is based in Deerfield, Ill. It runs the third-largest network of outpatient surgery centres in the U.S. Its shares are trading on the Nasdaq Global Select Market under the ticker symbol “SCAI.”