Analytics-based tech firm Inovalon files for IPO
(Reuters) – Inovalon Holdings Inc, an analytics and data-based technology service provider to the healthcare sector, filed with U.S. regulators to raise up to $500 million in an initial public offering of Class A common stock.
Goldman, Sachs & Co, Morgan Stanley & Co LLC and Citigroup Global Markets Inc are the lead underwriters of the IPO, the company told the U.S. Securities and Exchange Commission in a preliminary prospectus.
The filing did not reveal how many shares Inovalon planned to sell or their expected price.
The company intends to list its common stock on the Nasdaq under the symbol “INOV”.
Inovalon reported a net income of $51.9 million for the nine months ended Sept. 30, 2014, up from $27 million a year earlier.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting By Sudarshan Varadhan; Editing by Joyjeet Das)