Ropes & Gray Represents LifeStance Health Group in IPO
Ropes & Gray advised LifeStance Health Group, one of the nation's largest providers of outpatient mental health care, in its $720 million initial public offering. In the offering, LifeStance sold 32.8 million shares and existing investors, TPG Capital, Summit Partners and Silversmith Capital Partners, sold 7.2 million shares, each at a public offering price of $18 per share. The underwriters in the offering have a 30-day option to purchase up to an additional 6,000,000 shares of common stock from the selling stockholders. LifeStance’s common stock is now listed on Nasdaq under the ticker symbol "LFST."
Founded in 2017, LifeStance Health is one of the nation's largest providers of virtual and in-person outpatient mental health care for children, adolescents and adults experiencing a variety of mental health conditions. The company delivers personalized, data-driven and comprehensive care to help patients stay healthy and employs over 3,300 psychiatrists, advanced practice nurses, psychologists and therapists. LifeStance Health currently operates across 27 states and over 370 centers.
The Ropes & Gray team was led by capital markets partner Tom Fraser and associate Dayna Mudge (both of Boston) and included employment & benefits partner Renata Ferrari (Boston), tax partner Adam Greenwood (New York), health care partners Tim McCrystal and Christina Bergeron (both of Boston), data, privacy & cybersecurity partner Ed McNicholas (Washington, D.C.), and tax counsel Morey Ward (Washington, D.C.).