Inovalon Holdings, which provides healthcare analytics to payors, providers and pharmas, raised the proposed deal size for its upcoming IPO on Tuesday.
The Bowie, MD-based company now plans to offer 22.2 million shares at a price range of $24 to $26, and would raise $578 million at the high end of the range. The company had previously filed terms with a range of $21 to $24. At the high end of the revised range, Inovalon command a diluted market value of $3.9 billion, representing a 16% increase in market value and expected IPO proceeds.
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.
