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(Reuters) -U.S. healthcare firm Concentra's shares fell 6% in their debut on the New York Stock Exchange on Thursday, in a sign of investor caution with new listings amid uncertainties over interest-rate cuts.
Concentra's shares opened at $22, giving the company a valuation of nearly $2.8 billion.
The Addison, Texas-based company sold 22.5 million shares on Wednesday to raise nearly $529 million at an initial offering price of $23.50, within its targeted range of $23 to $26 apiece.
The IPO market, which began to show signs of strong comeback after two dull years, has begun to falter as the U.S. Federal Reserve continues to delay interest rate cuts, prompting several companies to even postpone their debut plans.
The company, founded in 1979, is now the largest provider of occupational health services in the United States by number of locations, according to its IPO prospectus.
Earlier this year, Select Medical had announced its plan to pursue the separation of Concentra, aiming to create two independent, publicly traded companies.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh Kuber)
