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Primary care platform Everside Health Group withdraws $100 million IPO

July 18, 2022

Everside Health Group, which provides a nationwide in-person and virtual primary health care platform, withdrew its plans for an initial public offering on Monday, citing market conditions. It originally filed in July 2021 with a proposed deal size of $100 million, and had not updated its prospectus since the following August.

Everside Health is a technology-driven primary care platform that seeks to address the unmet needs of patients, providers, and its clients, which are primarily self-funded employers and labor unions. As of June 30, 2021, it operated over 340 centers across over 140 US markets in 33 states and provided care to over 530,000 patients. Its key target markets include state governments, school districts and manufacturers who are typically sensitive to increasing spending on healthcare claims.

The Denver, CO-based company was founded in 2018 and booked $159 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the NYSE under the symbol EVSD. Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, and William Blair were set to be the joint bookrunners on the deal.