MedCath IPO raises $150M
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July 23, 2001: 7:04 p.m. ET
Week's first IPO sells 6M shares at $25 each via Deutsche Bank, B of A
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NEW YORK (CNNfn) - MedCath Corp., the week's first initial public offering, raised $150 late Monday.
Medcath sold 6 million shares at $25 each, within its $24-$26 price range via lead underwriters Deutsche Bank Alex. Brown and Banc of America Securities.
MedCath owns hospitals that specialize in the diagnosis and treatment of cardiovascular diseases. The company owns and operate eight hospitals with its physician partners that are located in Arizona, Arkansas, California, New Mexico, Ohio, South Dakota and Texas.
Charlotte, N.C.-based MedCath is developing its ninth hospital, located in Texas, and its tenth, in Louisiana.
After the IPO, investment firm Welsh, Carson, Anderson & Stowe will own a 28 percent stake.
MedCath will trade under the Nasdaq symbol "MDTH" Tuesday.
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