Symbion sitting pretty after February IPO
Ambulatory Safety Monitor, July 14, 2004
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Shares of the Nashville-based ambulatory surgery center chain Symbion have increased 17% since its February initial public offering (IPO).
Symbion shares closed the second quarter on June 30 at $17.49 a share, $2.49 above its IPO price of $15. Already owners of 36 surgery centers in 20 states, Symbion has used the $115.5 million IPO to buy out holders of its preferred stock and has also reduced its overall debt of $100 million to less than $20 million.
With February's IPO, Symbion has joined AmSurg Corp. and United Surgical Partners International as one of three publicly traded surgery centers in the country. According to the public findings, Symbion plans to build three to four surgery centers a year in the next three to five years.
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