LifeStance Health Group Inc's shares jumped over 11% in their Nasdaq debut on Thursday, giving the therapy provider a market value of nearly $7.5 billion and underscoring demand for mental health services during the COVID-19 pandemic.
LifeStance Health Group Hits $7.5 Billion Valuation In IPO Debut
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Lifestance Health Group, one of the nation’s largest outpatient mental health providers, saw its share price climb in its first day of trading on Wednesday, as the Covid-19 pandemic has fueled rising rates of anxiety and depression. The Scottsdale, Arizona-based company started trading at $20 per share, up from the $18 offering price announced the night before, valuing the company at $7.5 billion in its Nasdaq debut. It closed at $21.90 per share.
LifeStance operates 370 clinics in 27 states offering both in-person and virtual mental health services for a range of conditions, including anxiety, depression, eating disorders, bipolar disorder and PTSD. The company has gone from around 1.4 million patient visits at the end of 2019 to 2.3 million visits in 2020.
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