Healthcare firm Concentra prices US IPO at nearly $3 billion valuation

(Reuters) – Concentra Group set the pricing of its U.S. initial public offering (IPO) at a valuation of $2.97 billion, the U.S. healthcare firm said on Wednesday.

The company, which is a unit of Select Medical (NYSE:) , priced its IPO at $23.5 apiece, close to the lower end of its targeted range of $23 to $26. It aims to raise around $528.8 million.

Concentra, founded in 1979, is now the largest provider of occupational health services in the United States by number of locations, according to its IPO prospectus.

Earlier this year, Select Medical announced its plan to pursue the separation of Concentra and to create two independent and publicly traded companies.

Concentra is expected to begin trading on the New York Stock Exchange on July 25 under the ticker symbol “CON”.