Emdeon Inc. announced the pricing of initial public offering of 23.7 million shares of Class A common stock at $15.50 per share. The company expects to close the offering on or about August 17, 2009. The shares will be listed on the New York Stock Exchange under the ticker symbol "EM."
Of the shares being offered, 10.725 million shares were offered by the company and 12.975 million shares were offered by selling stockholders. To the extent that underwriters sell more than 23.7 million shares of Class A common stock, the underwriters have option to buy up to extra 3.555 million shares of Class A common stock from selling stockholders at initial public offering price less the underwriting discount.
The company intends to use about $5.8 million of offering net proceeds to repurchase ownership interests with the remainder used for general corporate purposes. The company said it will not receive any offering proceeds of the Class A common stock by the selling stockholders.
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