Nashville, Tennessee (June 27, 2019)—Health care technology company Change Healthcare Inc. launched its initial public offering (IPO) on Thursday, June 27 with a starting price of $13 per share for 42,857,142 shares of common stock and $50 per share for its concurrent offering of 5 million of its 6% tangible equity units.
The company is listed on the Nasdaq Global Select Market under the symbol CHNG for the common stock and CHNGU for the equity units. The IPO is expected to close July 1 subject to conditions.
Change Healthcare was created in 2017 by Change Healthcare Holdings, Inc. and McKesson Corporation, which rolled most of its technology solutions into the new company. It provides solutions for revenue and payment cycle management and clinical information exchange for health care and has 90 locations worldwide. About a year ago it sold its homecare and hospice products to the health IT company Netsmart.
“Congratulations to Change Healthcare on this significant milestone in the company’s history. For McKesson, this is an important next step in our efforts to unlock value for McKesson shareholders from our investment in the Change Healthcare business,” said McKesson CEO Brian Tyler.
Also this week, Change Healthcare announced that the CommonWell Health Alliance, a nonprofit trade association of health care and technology organizations, signed on for a six-year contract for clinical interoperability services, extending the companies’ existing five-year relationship. The agreement includes patient identification, record locator services and document retrieval. CommonWell members include more than 13,000 provider sites, with records for more than 50 million people.
Visit changehealthcare.com for more information.