Evolent Health, founded in 2011 by UPMC Health Plan and The Advisory Board Company to offer a suite of consulting and technology services to emerging accountable care organizations, went public on June 5.
Shortly before its initial public offering of stock, the company raised the number of shares from 10 million to 11.5 million, and increased the price per share from $14-16 to $17. The stock opened at $18 per share and closed at $18.86. The $17 sale price before trading started netted $195.5 million, and underwriters can buy another 1.725 million shares, which could increase proceeds up to $224.8 million.
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