LifeStance sells 40 million shares to raise $720 million

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LifeStance sells 40 million shares to raise $720 million

- LifeStance Health Group Inc. is a mental health service provider with more than 370 locations in the USA priced an initial public offering above a stated range to raise $720 million.

The Scottsdale, Arizona company and its investors have sold 40 million shares for $18 each on Wednesday after marketing them a minimum of $15 to $17 each, according to a statement. The IPO gives LifeStance a market value of $6.7 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

According to its filings, for the three months ended March 31, the company had a net loss of $8.7 million on revenue of $143 million.

LifeStance, founded in 2017 said it now operates in 27 states, with patient visits up to 2.3 million last year from less than 1 million in 2018.

After the IPO, TPG, Summit Partners and LifeStance will make up a block with 66% of the shares of Silversmith Capital Partners.

The offer is led by Morgan Stanley, JPMorgan Chase Co. and Jefferies Financial Group Inc. LifeStance's shares are expected to launch trading on the Nasdaq on Thursday under the symbol LFST.

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