WellCare Health Plans, Tampa, Fla., raised an estimated $124.7 million in an initial public offering after pricing its stock above the expected range. Shares of the company, which contracts to operate government-sponsored health plans, were priced at $17 to start and ended the day trading at close to $20. Underwriters had anticipated a per-share price of $14 to $16. WellCare runs Medicare, Medicaid and State Children's Health Insurance Program plans in Connecticut, Florida and New York. It has more than 500,000 members and operates under the brands WellCare, HealthEase, PreferredOne and Staywell. The company is trading under the symbol WCG on the New York Stock Exchange. -- by Mary Chris Jaklevic
Operator of government health plans goes public
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