Definitive Healthcare Exceeds Initial Public Offering Projections
Definitive Healthcare, a healthcare commercial intelligence and analytics platform, opened 38.0 percent above its IPO price.
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By - On Wednesday, Definitive Healthcare opened 38.0 percent above the initial public offering’s price. Definitive provides a healthcare commercial intelligence and analytics platform, and its IPO is part of a busy week of launches, suggesting 2021 could be the biggest year ever for IPO proceeds.
According to the company, overnight it raised $420.0 million and sold 15.56 million shares in the IPO, which was priced at $27. The expected pricing was between $24 and $26 a share, which was higher than the original expectation of between $21 and $24 a share.
The stock’s first trade on the Nasdaq was at $37.25 for 1.6 million shares. The stock has added to gains, trading up to 40.8% at $38.02. The company went public during a busy week for IPOs, and on a day that the Renaissance IPO ETF IPO, +0.77% was barely changed in midday training while the S&) 500 SPX, +0.85% gained 0.5%.
Underwriters including Goldman Sachs and JPMorgan have a 30-day option to buy an additional 2.3 million shared at the IPO price.
