Plymouth Meeting, Pa.-based AdaptHealth is offering 8 million shares of its Class A common stock at $15.50 per share. The maker of home medical equipment, supplies and related services had previously set the offering at 6.5 million shares of common stock.
Before deducting underwriting discounts and commissions and estimated offering expenses, AdaptHealth expects to pull in approximately $124 million. Additionally, it granted underwriters a 30-day option to purchase up to 1.2 million additional shares of Class A common stock.
AdaptHealth expects the offering to close on July 6, subject to customary closing conditions. It intends to use the net proceeds for general corporate purposes, including acquisitions and other business opportunities, along with capital expenditures and working capital.
Jefferies, Deutsche Bank Securities and UBS Investment Bank are acting as joint book-running managers for the offering. RBC Capital Markets and Stifel are acting as senior co-managers and Canaccord Genuity and Regions Securities LLC are acting as co-managers for the offering.
AdaptHealth develops devices for at-home treatment for chronic conditions, offering therapies for patients with respiratory conditions, diabetes care, wound care, urological, ostomy and nutritional supply needs.
Shares of AHCO were up 11.7% at $17.99 per share in mid-afternoon trading today.