Olemedia Concentra Group Holdings Parent (CON), a unit being spun out of hospital operator Select Medical Holdings ( NYSE: SEM ), filed paperwork with the Securities and Exchange Commission (SEC) on Friday for a U.S. IPO.
The occupational health services provider plans to list on the New York Stock Exchange under the symbol “CON.” Up to 19.9% of its common stock will be available for public investors as part of the offering, while Select Medical ( SEM ) will retain at least 80.
1% of ownership. Founded in 1979, the Addison, TX-based company operated 547 stand-alone occupational health centers in 41 states as of March 31. In addition to 151 on-site health clinics at employer worksites in 37 states, it runs a telemedicine program serving 43 states and the District of Columbia.
In 2023, Concentra (CON) generated $1.8B in revenue with ~6.6% YoY growth, thanks mainly to its occupational health centers, which added $1.
7B with ~6.5% YoY growth. Select Medical’s ( SEM ) board greenlighted the divestment in January to be completed by the end of 2024.
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