Apax/WCAS Funds Launch 10M Share Secondary Offering in InnovAge
INNV has more than doubled off its 52-week low of $3.935.
Summary
Apax Partners and Welsh Carson affiliated funds are selling 10 million existing shares of InnovAge, with an option for 1.5 million more. The company receives no proceeds. This follows the S-3 shelf registration filed in July for up to 112.99 million shares, so this is the first actual drawdown. The offering represents about 7% of shares outstanding and will increase float, likely pressuring the stock near term. Underwriters are Barclays, Goldman Sachs, and Wells Fargo.
At the time of this announcement, INNV was trading at $10.10 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $3.94 to $12.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.