LIBERTYVILLE, Ill. – Allscripts Inc., an Internet-based medication management solutions provider, held an initial public offering July 23. The company offered 7 million shares of common stock at $16 per share, above its $13 to $15 filing range.
Morgan Stanley Dean Witter Venture Partners and Liberty Partners Holdings were venture backers.
Goldman Sachs & Co., Bear Stearns & Co. Inc. CIBC World Markets and Wit Capital Corp. underwrote the offering, which left 18,946,277 shares outstanding.
Allscripts, incorporated in 1986, creates an electronic dialogue between physicians and other participants in the health-care delivery process, including patients, pharmacies, managed care organizations and pharmaceutical manufacturers. Allscripts’ technology is installed in more than 150 physician practice sites across the country.
Proceeds from the offering, worth approximately $103 million, will be used to redeem all outstanding Series H, I and J redeemable preferred stock. The company also will acquire complementary technologies and invest in interest-bearing securities.
Gary Stein, vice president of Morgan Stanley Dean Witter joined the company’s board of directors in April 1998. Liberty founding partner Michael Kluger joined the board in 1994.
Allscripts – Selected Financial
(in thousands, except per share data)
Year Ended December 31, Three Months Ended March 31,
1994 1995 1996 1997 1998 1998 1999
Total revenue 32,365 33,310 33,462 30,593 23,682 6,351 6,028
Net income (loss) -2,662 -4,363 -2,941 -10,799 -7,514 -1,750 -1,284
Net income loss per share -8.34 -3.84 -1.87 -3.35 -1.66 -0.69 -0.35