Health care provider Nava Health MD (NAVA.US) revised the terms of the upcoming IPO on Tuesday, Zhitong Financial APP learned. The company now plans to issue 2.7 million shares (51 per cent of its existing shares) at $6 a share, raising $16 million, having previously applied to issue the same number of shares at $5 to $7. Under the revised terms, Nava Health MD raised the same amount as previously expected, with a market capitalization of $83 million. The company initially applied to issue 2 million shares (100 per cent new shares).
It is understood that Nava Health MD is a medical and health care institution that combines traditional medicine, functional medicine, holistic medicine and regenerative medicine. The company uses proprietary software to provide personalized health care programs for patients. Nava also provides medical services through three offline stores in Baltimore and the Washington metropolitan area, as well as telemedicine services locally and in 12 states.
Nava Health MD was founded in 2014 and had revenue of $11 million for the 12 months ended September 30, 2022. The company plans to list on Nasdaq under the ticker symbol NAVA. WestPark Capital is the exclusive bookkeeper for this IPO.