Evolent Health Inc. announced the pricing of a public offering of 8,816,120 of its class A common shares at $19.85 apiece.
Underwriters have been granted a 30-day option to buy up to an additional 1,322,418 class A common shares. The offering is expected to close Aug. 14.
Net proceeds will be about $166.8 million, after estimated underwriting discounts, commissions and offering expenses.
Evolent Health plans to transfer the net proceeds from the offering to the subsidiary through which its operations are conducted, Evolent Health LLC. The subsidiary expects to use the net proceeds for working capital and other general corporate purposes, including to expand its business through acquisitions and investments.
J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers and as representatives of the underwriters for the offering.
Wells Fargo Securities LLC, William Blair & Co. LLC and SunTrust Robinson Humphrey Inc. are acting as lead managers, and Leerink Partners LLC and Robert W. Baird & Co. Inc. are acting as co-managers.