In early May, we reported that Evolent Health, the Arlington, Va.-based software firm that ties together electronic medical records and billed services, had disclosed plans for a $100 million IPO via a regulatory filing. Now the company is increasing its estimated IPO raise by more than 45 percent, to $184 million. Evolent is aiming to sell its stock for between $14 and $16 per share in the offering.
The increase in Evolent’s previous estimation was first spotted by the Washington Business Journal via recent refiled regulatory documents. Evolent plans to list itself under the NYSE ticker symbol EVH. Founded in 2011, the company was formed as spinoff from The Advisory Board, a District-based consulting firm, health-tech software developer and management services provider.
In 2013, Evolent Health raised a $100 million Series B round led by TPG Growth, The Advisory Board and UPMC Health Plan, Forbes reported.
Evolent Health’s clients include Medstar Health and Premier Health, among others. The company currently employs more than 650, Evolent Health said in a statement.
CEO Frank Williams previously served as The Advisory Board’s Chairman and CEO. Along with leading Evolent, Williams remains vice chairman of The Advisory Board Company.
