Inovalon Holdings, which provides healthcare analytics to payors, providers and pharmas, announced terms for its IPO on Thursday. The Bowie, MD-based company plans to raise $500 million by offering 22.2 million shares at a price range of $21 to $24. At the midpoint of the proposed range, Inovalon would command a fully diluted market value of $3.4 billion.
Last year's healthcare data IPO, TPG-backed IMS Health (IMS), trades 25% above its offer price.
Inovalon Holdings, which was founded in 1998 and booked $336 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol INOV. Goldman Sachs, Morgan Stanley, Citi, BofA Merrill Lynch and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of February 9, 2015.
