FT Partners Serves as Exclusive Capital Markets / IPO Advisor on Accretive Health's Initial Public Offering
Overview of Transaction
- Accretive Health ("Accretive") started trading on the NYSE on May 20, 2010 under the ticker symbol AH
- $138 million offering (including over-allotment) consisting of 67% primary shares and 33% secondary shares
- Accretive LLC, the Company's largest shareholder, is a venture capital firm focused on building start-up companies from the ground-up
- The transaction valued the Company with a market cap of ~$1.2 billion
- Primary proceeds will be used for general corporate purposes including financing growth, developing new services, funding capital expenditures, acquisitions and other investments
- Accretive Health's IPO was highly successful, having successfully priced in the midst of one of the most volatile markets of the last decade; second day of roadshow coincided with the "flash crash" which sent the DJIA down as much as 1,000 points in one session
- Accretive Health achieved a relative valuation significantly in excess of all well-known success stories in the broad Healthcare IT sector
- Accretive Health's IPO attracted four of the world's top underwriters, creating a highly resilient salesforce presence in the market; bookrunners for the transaction are Credit Suisse, Goldman Sachs, JP Morgan and Morgan Stanley
- FT Partners served as strategic, financial and IPO advisor to Accretive and its Board of Directors
- FT Partners managed the entire IPO process, enabling management to focus on growing the business
- FT Partners developed a comprehensive set of management and financial materials to showcase Accretive's offering to potential underwriters, creating significant demand among major Wall Street institutions