The Premier Healthcare Alliance, a Charlotte, N.C.-based collection of hospitals and care providers that has historically provided group purchasing services, raised $760 million by offering 28.2 million shares (all primary) of its Class A common stock at $27 per share .
The company announced the pricing in a statement this week after filing for the IPO in August. With this pricing, it has given underwriters a 30-day option to purchase from Premier up to an additional 4,222,793 shares of Class A common stock at the initial public offering price. This is to cover any potential over-allotments.
Premier will trade under the name PINC on NASDAQ Global Select Market. As of press time, Premier’s stock was up 12.96% to $30.5 per share.
Premier is an outspoken advocate for hospitals and healthcare providers in the realm of quality improvement. In March, the company revealed the results of its data driven, quality improvement initiative, the QUEST program, which saved 92,000 lives and $9.1 billion over the past five years. In April, Premier announced its partnership with Phytel, a Dallas, Tx.-based health IT vendor, to automate population health services, helping health systems deliver safer and lower-cost care across the continuum. At least 850 U.S. hospital members participate in at least one of its performance improvement collaborative, Premier says.