Privia Health sets IPO terms, that could value that company at up to $2 billion

Privia Health Group Inc. has set terms for its initial public offering, as the Virginia-based provider of services to optimize physician practices could be valued at up to $1.97 billion. The IPO is expected to price between $17 and $19 a share. The company is offering 2.8 million shares in the IPO, to raise up to $53.2 million, while selling shareholders are offering 16.7 million shares to raise up to $317.3 million. The stock is expected to list on the Nasdaq under the ticker symbol “PRVA.” Goldman Sachs and J.P. Morgan are the lead underwriters. The company recorded net income of $31.2 million on revenue of $817.1 million in 2020, after net income of $8.2 million on revenue of $786.4 million in 2019. The company is looking to go public at a time of tempered investor demand for IPOs, as the Renaissance IPO ETF has dropped 11.5% over the past three months while the S&P 500 has gained 8.6%.

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