High-growth health-tech: Evolent Health sets terms for $150 million IPO

Evolent Health, which offers health care providers a software platform for managing value-based care, announced terms for its IPO on Tuesday.

The Arlington, VA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Evolent Health would command a fully diluted market value of $891 million.

Health tech provider Inovalon (INOV) raised $600 million in its February IPO, and now trades just 2% above its offer price. Patient satisfaction survey provider Press Ganey (PGND), which also touts its role in the shift toward value-based care, went public last week and has gained 11%.

Evolent Health, which was founded in 2011 and booked $118 million in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol EVH. J.P. Morgan and Goldman Sachs are the joint bookrunners on the deal. It is expected to price during the week of June 1, 2015.