InnovAge shares fall 9.4% premarket after 10 million-share secondary offering priced

  • InnovAge announced pricing for a secondary offering of its common stock by selling stockholders.
  • 10 million shares were priced at $9.25 each, with a 1.5 million-share option.
  • InnovAge shares fell 9.4% to $9.65 in Wednesday premarket trading.

InnovAge Holding Corp. shares fell 9.4% to $9.65 in premarket trading Wednesday after the healthcare company announced pricing for a secondary offering of 10 million common shares at $9.25 each. Investment funds affiliated with Apax Partners and Welsh, Carson, Anderson & Stowe are selling the stock, and InnovAge will not receive proceeds. The selling stockholders also granted underwriters a 30-day option to purchase up to 1.5 million additional shares. The move came as U.S. stock futures edged higher, with Dow futures up about 0.1%. Other premarket decliners included Jaguar Health, Resolution Minerals, Voyager Technologies, Sibanye Stillwater, AngloGold Ashanti, Alibaba and ProCap Financial.

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