BEVERLY, MA–Shares of Syed Kamal-founded dialysis provider American Renal Associates Holdings Inc. soared by more than 20 percent on the first day of trading Thursday morning, Boston Business Journal reported.
Company shares rose to $26.83 as of Thursday at 11:30 a.m. The firm now has a market cap of $796 million.
Kamal is president and co-founder American Renal Associates. In addition, he has served as the director of the company since its inception in 1999. He has more than 36 years of experience in the dialysis services industry.
Prior to founding American Renal Associates, Kamal served in various management roles at FMCNA, including as President of FMCNA’s southern business unit, Vice President of Operations for FMCNA’s North America division, Director and Vice President of Operations for FMNCA’s International division and Regional Manager of FMNCA’s Mid-Atlantic and Southeast regions (U.S.).
He holds a B.A. degree in Economics and Statistics and an M.B.A. degree from the University of Punjab in Pakistan.
Unlike other dialysis providers, which wholly operate clinics, American Renal seeks to partner with established physicians to own and operate dialysis treatment centers, providing treatment to patients with the most advanced stage of chronic kidney disease, known as end stage renal disease, according to Boston Business Journal.
The company said it plans to use proceeds from the IPO to pay back $239 million in debt, as well as for working capital and to help fund development of new clinics, expansion of existing clinics or acquisition of other clinics.
Boston Business Journal said that the top shareholders of American Renal are private investment firm Centerbridge Partners (59.3%); American Renal CEO and co-founder Joseph Carlucci (2.5%); and company president and co-founder Syed Kamal (2.5%).