Flint’s Diplomat to Sell 13.3 Million Shares of Common Stock in IPO


Diplomat Pharmacy Inc. plans to sell more than 13.3 million shares of common stock on the New York Stock Exchange under the symbol DPLO, the specialty pharmacy announced today.

As part of its IPO, the Flint-based specialty pharmacy will sell 10 million shares of common stock, expected to be priced at $14 to $16 per share, with shareholders selling 3.3 million shares.

The company will use the net proceeds — excluding those from shares sold by shareholders — to repay its debts, generate working capital, and to support other corporate purposes.

A Form S-1 registration statement was first filed with the Securities and Exchange Commission in July. To read the form, click here.

Founded in 1975, Diplomat — which focuses on medication management programs for people with specialized, long-term medical needs — had revenue of $1.5 billion in 2013, up from $377 million in 2009.

Credit Suisse Securities and Morgan Stanley & Co. are acting as lead book-running managers. Additional book-running managers are J.P. Morgan Securities LLC and Wells Fargo Securities. William Blair & Co. and Leerink Partners are acting as co-managers.