InnovAge Holding, which provides in-home and community care services to high-cost dual-eligible seniors, announced terms for its IPO on Wednesday.
The Denver, CO-based company plans to raise $300 million by offering 16.7 million shares at a price range of $17 to $19. At the midpoint of the proposed range, InnovAge Holding would command a fully diluted market value of $2.4 billion.
InnovAge is a leading healthcare delivery platform focused on providing all-inclusive, capitated care to high-cost, dual-eligible seniors, defined 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.
InnovAge Holding 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. J.P. Morgan, Barclays, Goldman Sachs, Citi, Baird, William Blair, Piper Sandler, and Capital One Securities are the joint bookrunners on the deal. It is expected to price during the week of March 1, 2021.
