Not new news, but since I just posted this on Yahoo, I thought it might be of interest to all those crowding this thread. Some info on the CareInsite IPO:
WASHINGTON, May 17 (Reuters) - CareInsite Inc., an e-commerce healthcare network that links doctors, payers, suppliers and patients, on Monday provided more details of its initial public offering valued at around $85 million.
The company, based in Elmwood Park, N.J., said it plans to offer to the public 5.65 million common shares that may trade in the $14-16 per share range, according to an amended filing with the Securities and Exchange Commission.
The latest SEC document had the number of shares planned in the offering, the estimated price range and other details not contained in the last IPO filing on May 7.
CareInsite also said for the first time that it is reserving 565,000 of the shares for sale to officers, directors and others at Synetic Inc. <SNTC.O>, the health care communications technology company, and Cerner Corp. <CERN.O>, which supplies clinical and information management systems to health care organizations.
Synetic, which holds 80.1 percent of CareInsite before the IPO, plans to buy Medical Manager Corp. <MMGR.O>, a medical practice management software firm.
Cerner, headquartered in Kansas City, will hold 19.9 percent before the offering. Cerner has also agreed to buy 600,000 shares in a separate, private transaction, CareInsite said.
The 5.65 million shares in the IPO represent about 8.2 percent of the total shares that CareInsite will have outstanding after the offering, including those 600,000 shares that Cerner has agreed to privately buy.
The stock will trade on Nasdaq but a proposed ticker symbol was not not disclosed in the SEC filing.
If there is big demand for the shares, the company has granted an option to the underwriters -- Merrill Lynch and Warburg Dillon read -- to buy 847,500 more shares.
Net proceeds will be used for working capital, including financing for the cost of developing and deploying its services, increased sales and marketing and general corporate purposes.
The company is expected to start trading the week of May 24, Merrill Lynch said.
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