Shares of Evolent Health jumped nearly 11 percent on their first day of trading Friday, closing at $18.86 and bringing in a reported $195.5 million for the Arlington, Va.-based population health IT vendor and consulting firm.
Proceeds from the initial public offering could approach $225 million if underwriters exercise their option to purchase as much as 1.75 million shares at the offering price of $17, according to the Washington Business Journal.
The price edged up slightly in after-hours trading on the New York Stock Exchange, hitting $18.98 by 4:44 pm EDT, on a day when the Dow Jones Industrial Average dropped 56 points.
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Evolent had said in its IPO registration statement last month that it had hoped to raise $100 million. The company later revised that to about $150 million, but demand continued to soar.
Evolent initially listed its expected offering range at $14-$16 per share, but priced the IPO at $17 late Thursday. The stock opened trading Friday at $18.
Company CEO Frank Williams discussed Evolent’s business and the IPO in an interview with CNBC this afternoon.
Photo: Twitter user EvolentHealth
