Shares of Signify Health Inc jumped more than 33% in their stock market debut on Thursday, giving the technology-based healthcare provider a market capitalization of $7.12 billion.
Shares opened at $32, well above their raised initial public offering price of $24 apiece. The price range was initially set at between $20 and $21 per share.
The IPO raised about $564 million through the sale of 23.5 million shares.
Healthcare companies going public were among the key drivers of the IPO boom in 2020, PricewaterhouseCoopers said in a recent report, and 2021 is poised to be another bumper year for new offerings.
In another blockbuster debut on Thursday, shares of dating app operator Bumble Inc were set for a near 47% jump.
Signify was founded in 2017 through the merger of CenseoHealth and Advance Health, after the healthcare companies went through a recapitalization spearheaded by private equity firm New Mountain Capital.
The Dallas-based company offers in-home healthcare services, and its customers include healthcare plans, governments, employers and physician organizations.
The company serves 47 Medicare Advantage health plans, which provide benefits under the U.S. government’s health insurance program for the elderly through a private insurer, Signify had disclosed in its IPO filing.
Goldman Sachs, J.P. Morgan, Barclays and Deutsche Bank Securities are among the underwriters of the IPO.
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