WellCare Group Shares Jump 15% From IPO
- Share via
Shares of WellCare Group Inc., a Tampa, Fla.-based managed care company, rose in their first day of trading on the New York Stock Exchange.
Shares of WellCare closed at $19.53, up 15% from their initial public offering price of $17 a share for 7.3 million shares.
The IPO, led by Morgan Stanley, was priced above the company’s estimate of $14 to $16 a share.
Most of WellCare is owned by Soros Fund Management, which was founded by billionaire philanthropist George Soros.
WellCare focuses on government-sponsored health programs, such as the federal Medicare system and state-run Medicaid plans. It is a big business nationwide. In 2002, Medicaid covered 40.1 million people, while Medicare covered 40.5 million, according to federal data.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
