Bankrate is a leading publisher and data provider of personal finance content. Through its flagship website, Bankrate.com, the company offers editorial content across multiple personal finance categories, as well as branded educational materials, published quotes on mortgages and deposit accounts, insurance quotes from associated insurance carriers, and comparative credit card offers. On Monday, the North Palm Beach, Florida-based company filed terms with the SEC to raise up to $300 million in an initial public offering.
The company maintains data coverage of nearly 600 local markets in all 50 US states and distributes content on a daily basis to over 175 online partners and print publications culminating in over 150 million visits to proprietary websites in 2010. Bankrate develops and provides web services to 75 co-branded websites with online partners such as Yahoo!, AOL, and Bloomberg, and licenses editorial content to over 100 newspapers on a daily basis, including The Wall Street Journal, USA Today, and The New York Times.
Bankrate plans to list on the NYSE under the symbol RATE. Goldman, Sachs & Co., BofA Merrill Lynch, and Citi are the lead underwriters on the deal, which is expected to price the week of June 13.
Through its ownership of a network of hospitals, outpatient facilities, and related businesses, Vanguard Health Systems has become a leading healthcare delivery network in the U.S. On Monday, the Nashville, Tennessee-based company filed with the SEC to raise up to $550 million in an initial public offering.
Vanguard holds a portfolio of 26 hospitals with a total of 6,280 licensed beds along with related outpatient service facilities, in addition to operating three health plans with approximately 242 thousand members. The company derives 86% of its revenue from acute care services, which are paid by Medicare (38%), Medicaid (21%), Managed Care (32%), and self pay (8%), while its managed care health plans generate 14% of its revenue.
Bankrate and Vanguard Health join the pipeline of private equity-backed deals coming to market. In the U.S. this year, there have been 18 private equity deals (25% of total IPOs) which have raised $15.3 billion (62% of total proceeds). Year to date, private equity-backed deals have returned 14%, buoyed by the success of several notable deals including Nielsen (NLSN) (37%), Yandex (YNDX) (32%), and Arcos Dorados (ARCO) (29%).
Vanguard will be the second private equity-backed hospital operator to go public this year following the successful launch of HCA (HCA), which raised nearly $4 billion to become the largest ever private equity-backed US IPO.
Vanguard plans to list on the NYSE under the symbol VHS. BofA Merrill Lynch, Barclay's Capital, and Citi are the lead underwriters on the deal, which is expected to price the week of June 20.