Change Healthcare President and CEO Neil de Crescenzo rang the Nasdaq closing bell June 27 to mark the Nashville, Tenn.-based healthcare technology company's entrance onto the public market.
Change Healthcare priced its initial public offering at $13 a share. The company raised $609 million from the stock sale and an additional $279 million from the sale of tangible equity units. Change Healthcare now trades on the Nasdaq under the ticker symbol CHNG.
Change Healthcare, an independent technology company, provides hospitals and other healthcare industry players with data analytics and other tools to improve the billing and payment process, boost patient engagement and drive better clinical decision-making. The company was formed in 2017, and has achieved significant growth since then.
"We've reached a place in the industry where we're one the largest independent healthcare IT companies in the country providing network analytics," Mr. de Crescenzo told Becker's Hospital Review.
Mr. de Crescenzo attributed Change Healthcare's growth over the years to its 14,000 employees, who work with the company's 30,000 customers to create a better healthcare system. He said going public allows investors to share in that vision.
Going public will also allow Change Healthcare to reduce its debt load. The company said net proceeds from both the common stock offering and the tangible equity units offering will be used to repay a portion of its outstanding debt.
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