Shares of senior care provider InnovAge Holding, INNV.O, fell 12.5% before the bell on Wednesday to $9.32, a three-month low, after a $92.5 million secondary offering was priced.
The Denver, Colorado-based company said late Tuesday that funds affiliated with private equity firms Apax Partners and Welsh, Carson, Anderson & Stowe sold 10 million shares at $9.25.
The offering price represents a 13.1% discount to the stock's last close.
Barclays, Goldman Sachs and Wells Fargo are the lead bookrunners.
After the offering, TCO Group Holdings, the investment vehicle owned by the PE firms and certain insiders of the company, reduces its stake from about 82% to about 75% of InnovAge's roughly 136.45 million shares outstanding, according to the prospectus.
Through Tuesday, INNV stock had surged 105% year to date.
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