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TPG-backed LifeStance Health targets over $6 bln valuation in U.S. IPO

06/01/2021 | 07:06am EDT

June 1 (Reuters) - LifeStance Health Group Inc, a therapy provider backed by an affiliate of buyout firm TPG, said on Tuesday it was looking to raise as much as $680 million through a U.S. initial public offering, valuing the company at nearly $6.35 billion.

The company plans to sell 32.8 million shares of its common stock at $15 to $17 per share, according to a regulatory filing, while existing investors are offering 7.2 million shares at the same price.

LifeStance's listing plans come as health experts increasingly flag concerns around evidence of higher risks of brain and mental health disorders among COVID-19 survivors.

Founded in 2017, LifeStance provides behavioral healthcare services to children, adolescents and adults for a variety of mental health issues.

It employs more than 3,300 licensed mental health clinicians who provide care through an online delivery platform or at in-person centers.

The Scottsdale, Arizona-based company incurred a net loss of $8.7 million on a revenue of $143.1 million for the three months ended March 31, its filing showed.

LifeStance will be listed on the Nasdaq and will trade under the ticker symbol "LFST" after its stock market debut.

Morgan Stanley, Goldman Sachs, J.P. Morgan and Jefferies are among the underwriters for the offering. (Reporting by Sohini Podder in Bengaluru; Editing by Shounak Dasgupta and Devika Syamnath)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MORGAN STANLEY 0.38% 96.6 Delayed Quote.40.42%
NASDAQ COMP. 0.55% 14761.294551 Real-time Quote.13.85%
THE GOLDMAN SACHS GROUP, INC. 0.57% 380.36 Delayed Quote.44.23%
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