ExamWorks Group IPO gains ground in debut

AP News
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Posted: Oct 28, 2010 2:36 PM
ExamWorks Group IPO gains ground in debut

ExamWorks Group's stock gained ground after its shares debuted on the market at the low end of its range.

The initial public offering priced at $16 early Thursday. Shares rose $1.15, or 7.2 percent, to reach $17.15 in afternoon trading.

The Atlanta-based company provides independent medical examinations and other services for the insurance and legal industries.

ExamWorks and its shareholders offered a total of 10.3 million shares. The company is offering about 7.7 million shares while selling shareholders are offering about 2.5 million. Underwriters have a 30-day option to buy up to an additional 1.5 million shares to cover any excess demand.

ExamWorks Group Inc. says it expects net proceeds of about $118.8 million and it will use most of it to repay debt.