LifeStance Health Group Inc.
LFST,
disclosed Tuesday that it has set terms of its initial public offering, in which the Arizona-based outpatient mental health company looks to raise up to $557.6 million and be valued at up to $6.35 billion. The company said 40.0 million shares will be offered in the IPO, including 32.8 million shares from the company and 7.2 million shares from selling shareholders. The IPO is expected to price between $15 and $17 a share. The company expects to have 373.65 million shares outstanding after the offering. The stock is expected to list on the Nasdaq under the ticker symbol "LFST." There are 12 underwriters, led by Morgan Stanley, Goldman Sachs, J.P. Morgan and Jefferies. The company recorded a net loss of $8.7 million on revenue of $143.1 million for the first quarter, after net income of $2.7 million on revenue of $73.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF
IPO,
+0.08%
has dropped 11.3% over the past three months while the S&P 500
SPX,
+0.08%
has gained 7.8%.