WebMD filed documents with the Securities and Exchange Commission Thursday, moving forward with an initial public offering of stock to sell a minority interest in its WebMD Health business unit, which operates its online physician and public Web portals and the Little Blue Book physician directory.
For the moment, the spinoff corporation is to be called WebMD Health Holdings, but according to the filing, that name will be changed before completion of the stock offering. WebMD will be included in the new name, the filing said. It also said the remaining WebMD business units will take on an as-yet unannounced new name that will not include WebMD.
The date of the IPO was not included in the filing. The company proposes selling the new stock on the NASDAQ market under the symbol "WBMD." The company said it would sell between a 10% and 14% interest in the business unit.
According to the WebMD filing, the businesses in WebMD Holdings posted net income of $6.5 million in 2004, compared with a net loss of $24.4 million in 2002. Revenue totaled $134.1 million in 2004, up from $84.2 million in 2002.