Urgent care operator Concentra sets eyes on IPO

Urgent care operator Concentra Group Holdings Parent Inc. is aiming to go public after filing a confidential draft registration statement with the Securities and Exchange Commission, the company announced Monday.

The Addison-based company, a subsidiary of Select Medical Holdings Corp., said the number of shares and price range for the proposed initial public offering have yet to be determined.

Concentra is one of the largest urgent care and occupational medicine companies in the country, touting 544 medical centers and 150 onsite clinics at employer locations across 41 states as of the end of 2023. The subsidiary employs roughly 11,400 people, according to federal filings.

At the beginning of the year, Select Medical Holdings disclosed plans to separate from Concentra, creating two independent and publicly traded companies. Select Medical Holdings expects to complete the separation in late 2024.

Select Medical Holdings reported revenue of $6.66 billion in 2023, with Concentra accounting for 28%, or about $1.87 billion, of that revenue, according to Select Medical’s year-end results.