Almost seven months after withdrawing an earlier plan, Symbion, a Nashville, Tenn.-based ambulatory surgery center company, is ready to take another stab at a $115 million initial public offering.
Symbion on Monday filed a registration statement with the Securities and Exchange Commission, authorizing the company to issue up to $115 million in stock at an unspecified time. Symbion shares would trade on the Nasdaq national market under the symbol "SMBI," according to the document.
The company had wanted to try the public market in 2002, but withdrew its IPO registration on April 28, 2003, citing poor market conditions. In the April filing, Symbion officials said they were considering an alternative plan to offer shares to private investors.
CFO Kenneth Mitchell says the new registration puts Symbion in an SEC-mandated "quiet period" prior to an IPO, thus he cannot comment on Monday's filing.
Also on Monday, Symbion disclosed that it acquired three ASCs from MediSphere Health Partners, Nashville, and took over a management agreement on another surgery center that is licensed as a hospital. Symbion says one of the ASCs it purchased also holds a hospital license.
Both Symbion and MediSphere have executives who formerly worked at hospital giant HCA and in the ASC division of HealthSouth Corp., according to company Web sites.