InnovAge Holding, which provides in-home and community care services to high-cost dual-eligible seniors, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
InnovAge is a leading healthcare delivery platform focused on providing all-inclusive, capitated care to high-cost, dual-eligible seniors, which it defines as individuals who are 55+ and qualify for benefits under both Medicare and Medicaid. The company delivers patient-centered care through its InnovAge Platform, which consists of its Interdisciplinary Care Teams and its community-based care delivery model. The company directly contracts with government payors through the Program of All-Inclusive Care for the Elderly (PACE) and receives a capitated payment to manage the totality of a participant's medical care.
The Denver, CO-based company was founded in 1969 and booked $607 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol INNV. InnovAge Holding filed confidentially on December 17, 2020. J.P. Morgan, Barclays, Goldman Sachs, Citi, Baird, William Blair, Piper Sandler and Capital One Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
