Alignment Healthcare, which provides Medicare Advantage plans to seniors, announced terms for its IPO on Thursday.
The Orange, CA-based company plans to raise $490 million by offering 27.2 million shares (20% insider) at a price range of $17 to $19. At the midpoint of the proposed range, Alignment Healthcare would command a fully diluted market value of $3.4 billion.
Alignment provides Medicare Advantage plans that are customized to meet the needs of individual seniors. Its current product portfolio consists of products tailored that account for factors such as health condition, socioeconomic status, and ethnicity. The company currently operates in 22 markets across California, North Carolina, and Nevada.
Alignment Healthcare was founded in 2013 and booked $959 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol ALHC. Goldman Sachs, Morgan Stanley, J.P. Morgan, BofA Securities, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of March 22, 2021.
