InnovAge Completes $399 Million IPO
InnovAge Holding Corp. (“InnovAge” or the “Company”) (NASDAQ: INNV), a portfolio company of Apax Partners LLP (“Apax Partners”) and Welsh, Carson, Anderson and Stowe LP (“WCAS”) recently completed an initial public offering of 18,995,901 shares of its common stock at $21.00 per share, generating gross proceeds of approximately $399 million, which includes a partial exercise of the underwriters’ option to purchase 2,500,000 additional shares of common stock on the same terms and conditions.
Baird served as a bookrunner on this offering.
AboutInnovAge is a market leader in managing the care of high-cost, dual-eligible seniors. The Company’s mission is to enable seniors to age independently in their own homes for as long as possible. InnovAge is at the forefront of value-based senior healthcare and directly contracts with government payors, such as Medicare and Medicaid, to manage the totality of a participant’s medical care. InnovAge believes its healthcare model is one in which all constituencies – participants, their families, providers and government payors – “Win.” InnovAge currently serves approximately 6,600 participants across 17 centers in five states. InnovAge is headquartered in Denver, Colorado.
Apax Partners has a more than 40-year history raising and advising funds with aggregate commitments of approximately $50 billion. Apax Partners invests in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer, providing long-term equity financing to build and strengthen world-class companies. Apax Partners is headquartered in London, the United Kingdom.
WCAS was founded in 1979 and has raised and managed funds totaling over $27 billion of committed capital with a focus on two target industries: healthcare and technology. WCAS partners with management teams and builds value for investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS is based in New York, New York.
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- March 2021
- InnovAge Holding Corp.
- Equity Capital Markets
Healthcare IT & Services
- Target Location
- North America