Hunt Valley company seeks to go public

April 05, 1991|By Blair S. Walker

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.

Money from the offering would be applied toward corporate debt, general corporate purposes and working

capital, IHS said in its prospectus.

Formed in 1985, the company has 6,000 workers in 15 states, Mr. Elkins said. There are 42 medical centers under the company's auspices, with 5,731 beds. IHS has no nursing homes in Maryland but employs 100 at its Hunt Valley headquarters.

For the fiscal year that ended last June 30, the company had $82 million in revenues, Mr. Elkins said. In December, IHS acquired Health Care Management Corp. of Dayton, Ohio.

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