LifeStance Sets IPO Terms, Unveils Target Valuation of Nearly $6.4B

Just a couple weeks after LifeStance Health Inc. announced its intention to go public, the TPG Capital-backed outpatient behavioral health provider has set the terms of its initial public offering (IPO). 

On Tuesday, the company announced that it plans to raise up to $557.6 million and be valued at up to $6.35 billion. Additionally, it intends to offer 40 million shares in the IPO, with 32.8 million shares from LifeStance and 7.2 million shares from selling shareholders.

The stock will trade on the Nasdaq under the ticker symbol LFST, with each share expected to be priced between $15 and $17. There are 12 underwriters, led by Morgan Stanley, Goldman Sachs, J.P. Morgan and Jefferies.


Those details and others come after LifeStance filed with the SEC on May 17, disclosing its plan to raise up to $100 million in an IPO.

Headquartered in Scottsdale, Arizona, LifeStance is one of the nation’s largest outpatient mental health platforms. It provides a comprehensive suite of services delivered both virtually and in-person, with more than 3,300 mental health clinicians across more than 370 centers in 27 states. 

Its tech-enabled delivery model aims to improve patient and clinician experiences and communication throughout the care process. Additionally, it works with primary care providers and payers to help make its services are accessible and affordable.


In 2020, LifeStance was involved in one of the industry’s largest deals, when TPG Capital invested $1.2 billion into the company to acquire a majority interest, joining existing investors Summit Partners and Silversmith Capital Partners. The transaction accounted for more than 92% of the deal value in the behavioral health sector for the first six months of 2020.

In its initial filing with the SEC, LifeStance detailed its “highly replicable playbook,” which allows the company to enter new markets and pursue multi-pronged growth. It also touted its quick de novo ramp up time and acquisition strategy, in addition to the company’s other strengths and weaknesses.

In Q1 2021, LifeStance recorded a net loss of $8.7 million on $143.1 million revenue, compared to a net income of $2.7 million on revenue of $73.1 million for the same period a year earlier, according to the company’s recent S-1 filing.

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