Surgery Partners Inc. (NASDAQ: SGRY) entered the market on Thursday in its initial public offering (IPO). Shares priced at $19, under the expected range of $22 to $26, valuing the offering of 14.3 million shares at about $270 million. There is an overallotment option for an additional 2.14 million shares.

The underwriters for the offering are Merrill Lynch, Goldman Sachs, Jefferies, Citigroup, Morgan Stanley, Credit Suisse, Raymond James, RBC Capital Markets and Stifel.

This leading health care services company claims a differentiated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of its patients and physicians. Founded in 2004, it is now one of the largest and fastest growing surgical services businesses in the country.

As of August 17, 2015, the company owned or operated, primarily in partnership with physicians, a portfolio of 99 surgical facilities composed of 94 ambulatory surgery centers and five surgical hospitals across 28 states. On a pro forma basis in 2014, roughly 4,000 physicians provided services to over 500,000 patients in its surgical facilities. At the end of June, 2015, about 70% of these facilities were multi-specialty focused.

Surgery Partner’s strategy provides a suite of targeted and complementary ancillary services in support of patients and physicians. This suite of ancillary services is composed of a diagnostic laboratory, multi-specialty physician practices, urgent care facilities, anesthesia services, optical services and specialty pharmacy services. The company believes this approach improves the quality of care provided to patients, results in superior clinical outcomes and allows it to realize the revenue associated with these ancillary services that are otherwise outsourced to unrelated third-party providers.

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In the filing the company detailed its finances as:

Our pro forma revenue for 2014 was $871.2 million, which represents a compound annual growth rate (CAGR) of approximately 83% compared to revenue of $260.2 million for the year ended December 31, 2012. For the six months ended June 30, 2015, our revenue was $457.0 million, compared to revenue of $147.3 million for the same period during 2014. In 2014, on a pro forma basis, we experienced a net loss of $8.6 million as compared to net income of $1.9 million for the year ended December 31, 2012. For the six months ended June 30, 2015, we experienced a net loss of $12.2 million as compared to $4.7 million for the same period during 2014. Our pro forma Adjusted EBITDA was $153.3 million for 2014, representing an approximately 74% CAGR when compared to Adjusted EBITDA of $51.0 million for the year ended December 31, 2012. For the six months ended June 30, 2015, our Adjusted EBITDA was $74.4 million as compared to Adjusted EBITDA of $30.0 million for the same period during 2014.

The company intends to use all the net proceeds from this offering to repay a portion of the borrowings outstanding under its second lien term loan and to pay fees and expenses associated with this offering.

Shares of Surgery Partners were up more than 5% to $18.15 in the noon hour Thursday. So far on the day, shares have been within the range of $16.95 to $18.58.

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