Privia Health Group, Inc. (PRVA) Prices 19.5M Share IPO at $23/Sh

Privia Health Group, Inc. (NASDAQ: PRVA), a technology- driven, national physician enablement company that collaborates with medical groups, health plans and health systems, announced the pricing of its initial public offering of 19,500,000 shares of its common stock at a public offering price of $23.00 per share. The offering consists of 2,800,000 shares of common stock offered by Privia Health and 16,700,000 shares of common stock sold by Privia Health’s majority stockholder.

The gross proceeds of the offering to Privia Health, before deducting underwriting discounts and commissions and other expenses payable by Privia Health, are expected to be approximately $64.4 million. Privia Health will not receive any proceeds from the sale of the shares by its majority stockholder. Privia Health has granted the underwriters a 30-day option to purchase up to an additional 2,925,000 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. Privia Health shares are expected to begin trading on the Nasdaq Global Select Market on April 29, 2021, under the ticker symbol “PRVA”. The offering is expected to close on May 3, 2021, subject to customary closing conditions.

Privia Health intends to use the net proceeds from the offering primarily for general corporate purposes, including working capital, research and development, business development, sales and marketing activities and capital expenditures. Privia Health may also use a portion of the net proceeds to acquire or invest in complementary businesses, technologies or other assets, although Privia Health currently has no agreements or understandings with respect to any such acquisitions or investments.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint lead book-running managers for the proposed offering and as representatives of the underwriters for the proposed offering. Credit Suisse, Piper Sandler and William Blair are also acting as active book-running managers. Canaccord Genuity and Truist Securities are also acting as book-running managers for the proposed offering, and R. Seelaus & Co., LLC and Siebert Williams Shank are acting as co-managers for the proposed offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on April 28, 2021. The offering is being made only by means of a prospectus.

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