August 12, 2020
Oak Street Health, a Chicago-based network of primary care centers for adults on Medicare, closed its initial public offering at $21.00 per share. Gross proceeds to Oak Street, before deducting underwriting discounts and commissions and offering expenses, were approximately $377 million.
J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, William Blair and Piper Sandler acted as joint book running managers for the offering. Baird and Truist Securities, formerly known as SunTrust Robinson Humphrey, acted as co-managers for the offering.
Founded in 2012, Oak Street currently operates more than 50 centers across Illinois, Michigan, Indiana, Pennsylvania, Ohio, Rhode Island, North Carolina, Tennessee and Texas. That includes 21 centers in Chicago and its suburbs.
The company, which expanded into the Michigan and North Carolina markets earlier this month, plans to continue its geographic expansion, including into New York and Mississippi, in 2020.
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