Privia Health Group, Inc. (PRVA) plans to raise $351 million in an initial public offering on Friday, April 30th, IPO Scoop reports. The company plans to issue 19,500,000 shares at $17.00-$19.00 per share.
In the last 12 months, Privia Health Group, Inc. generated $817.1 million in revenue and $31.2 million in net income. The company has a market cap of $1.9 billion.
Goldman Sachs, J.P. Morgan, Credit Suisse, Piper Sandler and William Blair served as the underwriters for the IPO and Canaccord Genuity, Truist Securities, R. Seelaus & Co. and Siebert Williams Shank were co-managers.
Privia Health Group, Inc. provided the following description of their company for its IPO: “Privia Health is a technology-driven national physician-enablement company that collaborates with medical groups, health plans and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual care settings (the “Privia Platform”). Privia operates in six states and the District of Columbia, covering over 70 target metropolitan statistical areas (MPSAs), including 20 of the largest 100 MPSAs). We started in 2013 by partnering with small and large independent physician practices focused on primary care, pediatrics, women’s health and select subspecialties focused on treating chronically ill patients. We now have more than 2,770 Privia Providers who have signed to join our platform as of Dec. 31, 2020. We directly address three of the most pressing issues facing physicians today: the transition to the value-based care (“VBC”) reimbursement model, the ever-increasing administrative requirements to operate a successful medical practice, and the need to engage patients using modern user-friendly technology. We seek to accomplish these objectives by entering markets and organizing existing physicians and non-physician clinicians into a unique practice model (our Medical Group model) that combines the advantages of a partnership in a large regional medical group with significant local autonomy for the physicians and non-physician clinicians joining our Medical Groups. Our Medical Groups are designated as in-network by all major health insurance plans in all of our markets, and all Privia Providers are credentialed with such health insurance plans. The Privia Platform is designed to succeed across demographic cohorts, acuity levels and reimbursement models, including traditional fee-for-service (“FFS”) Medicare, the Medicare Shared Savings Program (“MSSP”), Medicare Advantage, Medicaid, commercial insurance and other existing and emerging direct contracting programs with payers and employers. “.
Privia Health Group, Inc. was founded in 2013 and has 559 employees. The company is located at 950 N. Glebe Rd., Suite 700 Arlington, VA 22203 and can be reached via phone at (571) 366-8850 or on the web at http://www.priviahealth.com/.
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