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Team Health Holdings Inc., a Knoxville TN-based firm that provides outsourced medical services and healthcare staffing, began trading today on the New York Stock Exchange under the symbol "TMH." The company also announced the pricing of its initial public offering of 13.3 million shares at $12 per share. The offering is expected to close Dec. 21.
The company said net proceeds from the offering will be $146.5 million after deducting underwriting discounts, commissions and estimated offering expenses. It plans to use funds received from the offering to help repay debt.
Its principal shareholder, Ensemble Parent LLC, will own 71.0% of the company after the offering -- or 68.8% if underwriters exercise their over-allotment option.
Team Health's outsourced medical services include the staffing and management of emergency departments in hospitals. Its Daniel and Yeager Inc. division provides locum tenens and physician permanent placement.