Convey Holding Parent, which provides insurers with Medicare Advantage technology and admin services, raised $187 million by offering 13.3 million shares (13% secondary) at $14, the low end of the range of $14 to $16.
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 plans to list on the NYSE under the symbol CNVY. BofA Securities, Goldman Sachs, J.P. Morgan, Barclays, TPG Capital BD, and Truist Securities acted as joint bookrunners on the deal.
