Quantum Health Stock Sale Raises $30 Million
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Quantum Health Resources Inc., a health-care company based in Orange, said Tuesday that it raised $30 million in an initial public stock offering.
The company, a national provider of therapies and support services to patients suffering from long-term chronic diseases, said it issued 2.5 million shares of common stock at a price of $12 each.
The offering proved popular with investors, who drove up the price of Quantum stock to $14.375 a share at the close of trading Tuesday. The stock will be traded on the over-the-counter market.
The company said it expects to net about $27.5 million after paying underwriting fees. Quantum said it will use proceeds to reduce its bank debt, for working capital and general corporate purposes.
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