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TPG-backed Surgical Care Affiliates prices IPO to raise $234m

30 Oct 2013

hospital healthcare medical IV i-v dripTPG Capital-backed Surgical Care Affiliates has priced its IPO to raise about $234m, more than double the amount it initially filed with the US securities regulator.

The company plans to sell shares at $24 each on the Nasdaq exchange today under the SCAI ticker.

TPG bought SCA for about $920m in a carve-out from rehabilitation chain HealthSouth in 2007.

HealthSouth kept a stake in the business, which is also backed by fellow private equity firm MTS Health Partners.

The company said it expected to use net proceeds from the public listing to redeem all $150m of its 10 per cent senior subordinated loans due 2017.

SCA increased its net operating revenues from $715m in 2010 to just over $750m last year, but had a net loss of $20m for 2012.

JP Morgan and Citigroup are acting as lead underwriters for the offering.

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