Amerigroup Files for IPO

May 22, 2000

Managed healthcare company Amerigroup Corp. has filed to raise more than $86 million in an initial public offering. The company has not revealed how many shares it plans to sell or the projected price range in its filings with the Securities and Exchange Commission.

The company provides services to 277,000 members in Texas, Illinois, New Jersey, Maryland and the District of Columbia, targeting young patients needing obstetrics, respiratory and diabetes care. Proceeds from the IPO will be used by Amerigroup to redeem preferred stock, repay the company’s term loan facility and make possible acquisitions.

In the first quarter 2000, Amerigroup reported $150.3 million in revenue and $8.2 million in net income.

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