NEW YORK (TheStreet) -- Shares of Inovalon Holdings (INOV) - Get Inovalon Holdings, Inc. Class A Report are up 9.67% to $29.61 in afternoon trading after the healthcare technology company debuted today on the NASDAQ Global Select Market.
The Bowie, MD-based company announced yesterday that 22,222,222 shares of its Class A common stock would begin trading at $27 per share today, $1 above the filing range of $24 to $26, which was itself an upward revision from a previous filing.
Additionally, the company has granted the underwriters a 30-day option to purchase up to 3,333,333 additional shares of Class A common stock at the initial public offering price.
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"Everything we do here is about how to take in the various often disparate data sources that construct the healthcare landscape such as claims, laboratory, pharmacy, medical benefits, demographic information, provider information, and facility information, and apply advanced analytics onto that data to identify the difference between current state and desired state," CEO Keith Dunleavy told Forbes in an interview.
"That gap between current state and desired state across a number of different constituencies is what our life is all about, because then we can apply additional analytics that tell us how to close that gap," he added.
Inovalon Holdings, Inc. is a technology company that offers cloud-based data analytics and data-driven intervention platforms across the healthcare landscape.
14.74 million shares changed hands by 2:11 p.m. in New York.