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Underwriters for IPC the Hospitalist Co. set the terms of the company's planned initial public offering at 4.7 million shares with an estimated price range of $15 to $17 a share.

In late August 2007, IPC the Hospitalist filed an IPO to sell up to $105 million in common stock but didn't detail the terms of the offering.

The North Hollywood, Calif., provider of inpatient care said it plans to sell 2.8 million shares in the IPO, while 1.9 million shares will be sold by selling stockholders.

The company said it intends to use net proceeds from the IPO to repay debt and for general corporate purposes, including the acquisition of physician practices and working capital.

Venture investors have poured more than $47 million into IPC since 1998, according to VentureOne, a market tracker owned by Dow Jones & Co., publisher of this newsletter. Sightline Partners, Morgenthaler Venture Partners and Bessemer Venture Partners are among its investors.

Prior to the filing, IPC's largest institutional backers included Bank of America Ventures, which owned 30.92% of the company; Morgenthaler, which owned 25.13%; Bessemer, which owned 17.36%; and CB Health Ventures, with a 14.80% share.

Credit Suisse, Jefferies & Co., Wachovia Securities and William Blair & Co. are listed as underwriters for the IPO.

The underwriters also have an option to purchase up to 705,000 additional shares to cover overallotments, Monday's Securities and Exchange Commission filing said.

For the nine months ended Sept. 30, 2007, IPC reported a net loss of $3.7 million, swinging from a profit of $325,000 in the 2006 nine-month period.

The company said it plans to list its shares on the Nasdaq Global Market under the symbol IPCM.

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