Apax-backed InnovAge prices IPO

Apax Partners LLP-backed InnovAge priced its IPO of 16,666,667 common shares at $21.00 apiece.

The company granted the underwriters a 30-day option to buy up to 2.5 million additional common shares at the IPO price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker INNV.

Apax bought a 49% stake in InnovAge in July 2020.

J.P. Morgan Securities LLC, Barclays Capital Inc., Goldman Sachs & Co. LLC and Citigroup are acting as joint lead bookrunning managers of the offering and representatives of the underwriters. Robert W. Baird & Co. Inc., William Blair & Co., LLC, Piper Sandler & Co. and Capital One Securities Inc. are serving as joint bookrunning managers, while Loop Capital Markets LLC, Siebert Williams Shank & Co. LLC and Roberts & Ryan Investments Inc. are the co-managers of the offering.