Privia Health Group, which provides a value-based care platform for physicians, raised the proposed deal size for its upcoming IPO on Wednesday.
The Arlington, VA-based company now plans to raise $429 million by offering 19.5 million shares (86% insider) at a price range of $21 to $23. The company had previously filed to offer the same number of shares at a range of $17 to $19. The company may raise an additional $92 million in a private placement to Anthem, which is expected to close on or up to 30 days after the closing of the offering. At the midpoint of the revised range, Privia Health Group will raise 22% more in proceeds than previously anticipated.
Privia's platform is powered by its proprietary end-to-end, cloud-based technology solution that integrates both Privia-developed and third-party applications into a seamless interface and workflow that manages all aspects of healthcare services. The company currently operates in six states and the District of Columbia, covering over 70 target metropolitan statistical areas (including 20 out of the largest 100 MSAs). More than 2,770 Privia Providers had signed to join its platform as of December 31, 2020, including approximately 2,550 Privia Providers who are credentialed and bill for health care services through its Medical Groups ("implemented providers"). Its implemented Privia Providers operate in over 650 care center locations providing care to over 3 million patients.
Privia Health Group was founded in 2007 and booked $817 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol PRVA. Goldman Sachs, J.P. Morgan, Credit Suisse, Piper Sandler and William Blair are the joint bookrunners on the deal. It is expected to price during the week of April 26, 2021.
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