Cotiviti Holdings, which audits medical claims for the US government and other healthcare organizations, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million.
Cotiviti is backed by Advent International and Goldman Sachs (NYSE: GS).
The Wilton, CT-based company was founded in 1979 and booked $541 million in sales for the 12 months ended December 31, 2015. It plans to list on the NYSE under the symbol COTV. Cotiviti filed confidentially on December 9, 2015. Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
