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Share Price: 194.60
Bid: 194.80
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Change: 2.60 (1.35%)
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Open: 191.60
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Apax Global Alpha notes senior care provider InnovAge IPO on Nasdaq

Mon, 8th Mar 2021 10:32

(Alliance News) - Apax Global Alpha Ltd on Monday announced InnovAge Holding Corp shares began trading on the US Nasdaq Global Select Market last Thursday.

The Guernsey-based private equity and derivatives investor said its limited partner Apax X Fund is an indirect shareholder of InnovAge, a provider of value-based senior care in the US.

Last Wednesday, InnovAge priced its initial public offering of 16.6 million shares of its common stock at a price of USD21.00 per share, with the stock closing at USD24.20 per share on Thursday, and then USD24.08 on Friday.

Shares in Apax Global Alpha were up 3.1% at 215.49pence in London on Monday.

JP Morgan Securities LLC, Barclays Capital Inc, Goldman Sachs & Co LLC and Citigroup are acting as joint lead book-running managers of the offering.

"At the closing price, and based on closing exchange rates, Apax Global Alpha's look through position in InnovAge is valued at EUR41 million. This represents an uplift of 108%, or EUR21 million, to InnovAge's fair value at December 31, 2020 and an uplift of 1.8% of Apax Global Alpha's adjusted net asset value, or EUR0.04 per share, at December 31, 2020," said Apax Global Alpha.

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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