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Select Medical unit Concentra files for U.S. IPO

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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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