Leading value-based healthcare platform Signify Health has gone public in an upsized initial public offering (IPO) by starting trading on the New York Stock Exchange under the ticker “SGFY.” The company offered 23,500,000 shares of its Class A common stock at a price of $24.00 per share, raising a total of $564 million.
- Announcing its plans to go public, the company said net proceeds from the initial public offering will be used to pay fees and expenses in connection with the offering and the related reorganization transactions and for general corporate purposes.
- Signify also plans to use the proceeds in potential acquisitions of, or investments in other businesses or technologies that the company believes will complement the current business and expansion efforts.
- Founded in 2009, Signify Health has become a leading healthcare platform that leverages advanced analytics, technology, and nationwide healthcare provider networks to create and power value-based payment programs. It is associated with 27 of the 50 largest Medicare Advantage plans to conduct in-home evaluations for patients.
- The platform supports value-based payment programs by aligning financial incentives around outcomes, providing tools to health plans and healthcare organizations designed to assess and manage risk and identify actionable opportunities for improved patient outcomes, coordination and cost-savings.
- According to an S-1 filing, Signify earned $417 million in revenue between January and September 2020, an increase of 13% from the previous year. Its net loss in the initial nine months of 2020 stood at $15 million as against $20 million reported during the same period in 2019.