Shares of MedAssets began trading on the Nasdaq Global Select Market this morning.
The Alpharetta, Ga.-based group purchasing organization and healthcare financial management company made its debut at $16 a share. In an updated document filed today with the Securities and Exchange Commission, MedAssets indicated it aimed to raise nearly $213 million through its initial public offering of 13.3 million shares of common stock. The company would keep roughly $198 million following commissions and underwriting discount fees.
MedAssets officials plan to use $125 million of the offerings proceeds to repay outstanding debt, according to a company news release. The balance of the earnings will then finance company growth and acquisitions.
MedAssets, which is listed under the symbol MDAS, closed today at 4 p.m. EST trading at $20.50 per share. -- by Shawn Rhea
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