The latest home healthcare firm to go public has had a less than stellar first week on Wall Street.
Atlanta, GA-based Aveanna Healthcare made its market debut last Thursday on the Nasdaq stock exchange, but the company’s stock has yet to rise above its initial public offering price of $12 a share. The company had hoped to sell 32.8 million shares in the $16 to $18 range, but lackluster interest forced the company to cut the share price.
Aveanna is a 40-year-old home and home healthcare firm operating in 30 states with roughly 250 branch offices. The company serves 50,000 adults and children who require complex care.
Aveanna raised $458 million in the IPO. It’s been expanding through acquisitions over the past few years. It’s acquisitions included Maryland-based Maxim Healthcare Services in early 2020 and California-based Premier Healthcare Services in 2018. Over the past five years, Aveanna’s revenues have grown from around $300 million annually to about $1.5 billion.