Convey Holding Parent, which provides Medicare-focused technology solutions and advisory services, announced terms for its IPO on Monday.
The Fort Lauderdale, FL-based company plans to raise $200 million by offering 13.3 million shares (13% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Convey Holding Parent would command a fully diluted market value of $1.1 billion.
The company, which is also known as Convey Health, is a leading healthcare platform that utilizes technology and processes to improve government-sponsored health plans. Convey partners with payors to deliver purpose-built technology and services that enhance its clients' workflows, addressing health plan needs including product development and sales, member experience management, clinical management, core operations, business intelligence, and analytics. Its clients are primarily Medicare Advantage (MA) plans, Medicare Part D plans (PDP), and pharmacy benefit managers. As of December 31, 2020, its solutions managed over 2.5 million MA members and 1.6 million PDP members.
Convey Holding Parent was founded in 2001 and booked $301 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol CNVY. BofA Securities, Goldman Sachs, J.P. Morgan, and Barclays are the joint bookrunners on the deal. It is expected to price during the week of June 14, 2021.
