HealthPort Expects To Complete Its IPO This Week

NEW YORK (AP) — Health care information technology company HealthPort Inc. plans to complete its initial public offering this week, selling as many as 6.9 million shares for $14 to $16 per share.

HealthPort handles requests for and delivery of patient information to attorneys, insurance companies and government agencies. It says its services, called release of information, can save time and money for physician practices and hospitals and let them reduce staffing.

The Alpharetta, Ga., company does business with about 1,900 hospitals and health systems and 8,000 physician clinics. In a filing with the Securities and Exchange Commission, HealthPort described itself as the largest release of information services provider, with a market share of about 20 percent.

Last year, the company reported a loss of $49.8 million on revenue of $188.2 million.

HealthPort plans to sell 6 million shares to the public, and the underwriters of its IPO will have the right to buy up to 900,000 more shares to cover over allotments. It could raise as much as $110.4 million from the offering. If all 6.9 million shares are sold for $15 apiece, the company said it will raise $79.8 million after deducting expenses.