HealthSpring, Nashville, which markets Medicare Advantage plans in five states, said in a securities filing that it will make an initial public offering of stock, with the health plan and its current investors selling as much as one-third of their interest in the company. HealthSpring will offer 12 million shares at an expected price of $16 to $18 per share, raising between $192 million and $216 million, before expenses. Other investors, including majority investor GTCR Golder Rauner, will offer 5 million shares, with an additional 2.6 million shares available if there are sufficient buyers. HealthSpring earned $21.3 million on revenue of $610.7 million for the nine months ended Sept. 30, 2005, and as of that date, it had 93,000 Medicare members and 42,000 commercial members. -- by Vince Galloro
Medicare managed-care firm plans public offering
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