Stock shares of ambulatory surgery center chain Symbion, Nashville, soared upward by 24% on its first day of trading today, as company officials expected to raise a net amount of $97.2 million from its initial public stock offering.
Some 7.2 million shares were offered at an initial price of $15 per share. At the close of the market Friday, the stock traded at $18.63 with about 6.6 million shares changing hands.
The company reports it will use the money to repay debt and pay shareholders.
Symbion operates 39 surgery centers in 19 states. Most of its centers have physician partners. Five are partnerships with hospitals and health systems.
Symbion first filed for an IPO in May 2002 but withdrew the application in April 2003, citing market conditions. Its stock traded on the NASDAQ stock exchange under the symbol "SMBI."