InnovAge Holding (INNV) IPO Opens 14% Higher
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Today's IPO for InnovAge Holding Corp. (NASDAQ: INNV) opened for trading at $24 after pricing 16,666,667 shares of its common stock at a price to the public of $21.00 per share.
In addition, InnovAge has granted the underwriters a 30-day option to purchase up to an additional 2,500,000 shares of common stock at the initial public offering price less underwriting discounts and commissions.
J.P. Morgan Securities LLC, Barclays Capital Inc., Goldman Sachs & Co. LLC and Citigroup are acting as joint lead book-running managers of the offering and as representatives of the underwriters. Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C., Piper Sandler & Co. and Capital One Securities, Inc. are acting as joint book-running managers of the offering. Loop Capital Markets LLC, Siebert Williams Shank & Co., LLC and Roberts & Ryan Investments, Inc. are acting as co-managers of the offering.
InnovAge is a market leader in managing the care of high-cost, dual-eligible seniors. Our mission is to enable seniors to age independently in their own homes for as long as possible. Our patient-centered care model meaningfully improves the quality of care our participants receive, while reducing over-utilization of high-cost care settings. InnovAge is at the forefront of value based senior healthcare and directly contracts with government payors, such as Medicare and Medicaid, to manage the totality of a participant’s medical care. InnovAge believes its healthcare model is one in which all constituencies - participants, their families, providers and government payors - “Win.” InnovAge currently serves approximately 6,600 participants across 17 centers in five states.
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