A Hunt Valley-based operator of geriatric nursing facilities has filed a statement with the Securities and Exchange Commission for a proposed initial public offering expected to generate about $40 million.
Integrated Health Services Inc. plans to sell 3 million shares of common stock at a price anticipated to be about $13 per share, according to a release issued by the company. Smith Barney, Harris Upham & Co.Inc. and Kidder, Peabody & Co. have been selected to underwrite the transaction. There would be nearly 7 million shares of common stock outstanding after the offering, vTC IHS said in its prospectus.
Company Chairman and President Robert N. Elkins said that he should know by May 1 whether he has SEC approval to go through with the proposal.