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Home » Premier hits Wall Street with $760M IPO

Premier hits Wall Street with $760M IPO

September 27, 2013 By Brad Perriello

Premier hits Wall Street with $760M IPO

Shares of group purchasing organization Premier Inc. (NSDQ:PINC) gained nearly 14% in its 1st day of trading yesterday, closing at $30.65 per share after Premier priced the nearly 28.2 million-share offering at $27 apiece, raising $760 million.

Rumors that Charlotte-based Premier would go public circulated for months before the company filed its plans with the SEC in August.

Premier is a GPO aligning about 2,900 community hospitals and 100,000 "alternate" sites of care, encompassing some 400,000 physicians. The group generated about $869.3 million in revenue and $385.1 million in net income during fiscal 2013, according to SEC filings.

It was owned by a consortium of 181 hospitals and healthcare groups, all of which now own Class B shares but continue to own most of the voting rights associated with the company’s stock, according to a regulatory filing.

Premier, which bills itself as "1 of the nation’s largest performance improvement alliances," is most commonly known for its wide-ranging deals for hospital equipment and supplies. The group recently signed new contracts for drug-eluting and traditional stents with Abbott (NYSE:ABT), Boston Scientific (NYSE:BSX) and Medtronic (NYSE:MDT).

The GPO claims to have provided its members with more than $5 billion in savings in fiscal 2012. Premier also maintains deep data stores that in 2012 included information on 25% of U.S. patient discharges, 29% of annual hospital spending, $30 billion worth of annual direct labor expenses, 2.5 million real-time transactions every day and $40 billion in annual purchasing data, according to the filing.

Filed Under: Initial Public Offering (IPO), News Well, Wall Street Beat Tagged With: Group Purchasing Organizations (GPO), Premier Inc.

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