Press Ganey Holdings stock began trading Thursday on the New York Stock Exchange, and closed at $27.50 per share.
The patient-satisfaction measurement firm based in South Bend, Ind., announced Tuesday that 8.9 million shares would be sold at $25 per share, before underwriting discounts. All of the common stock is being offered by Press Ganey. The company's shares will be traded under the ticker symbol PGND.
The firm's net income was just under $6 million for the three months ended March 31, 2015, and $15.6 million for fiscal 2014.
Additionally, Press Ganey has granted underwriters a 30-day option to purchase up to an additional 1,335,000 shares of common stock from the company at the initial public offering price.
The firm was ranked No. 1 on Modern Healthcare's 2014 By the Numbers list of the largest patient-satisfaction measurement firms, with 130,685 clients, most of whom are physician groups and clinics.
Barclays Capital and Goldman, Sachs & Co. are acting as lead book-running managers for the offering. Press Ganey is currently in a quiet period and couldn't comment on the IPO.