Nava Health MD, which provides alternative and holistic medicine services in clinics and online, lowered the proposed deal size for its upcoming IPO on Monday.
The Columbia, MD-based company now plans to raise $16 million by offering 2.7 million shares (51% secondary) at a price range of $5 to $7. The company had previously filed to offer 3 million shares (34% secondary) at the same range. It had originally filed to offer 2 million shares (100% primary). At the revised deal size, Nava Health MD will raise -10% less in proceeds than previously anticipated and command a market value of $83 million (-4% vs. most recent terms).
Nava is a healthcare practice combining traditional, functional, holistic, and regenerative medicine. The company provides patients with an individualized wellness roadmap tailored to their specific symptoms, medical needs, and personal goals, developed using proprietary software owned and developed by Nava. Nava delivers health services through three physical locations in the Baltimore/Washington Metro region, and telehealth services there and in 12 states.
Nava Health MD was founded in 2014 and booked $11 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol NAVA. WestPark Capital is the sole bookrunner on the deal.
