萝莉视频

, which provides technology and services to physician practices, began trading Thursday on the Nasdaq and saw its share price jump in early trading 鈥� and stay there.

Shares closed at $34.75 per share, up 51 percent from its opening share price of $23, with just over 10 million shares traded, .聽 The Arlington, Virginia-based physician enablement company had priced 22.4 million shares at $23, the top of its set range, with the aim of raising approximately $515.8 million. With the new price, it is now more like $778.4 million.

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Privia currently works with 2,700 providers over six states and Washington, D.C., encompassing 3 million patients, approximately 700,000 who are in value-based care arrangements, CEO told 萝莉视频 News.

Physicians, whose mission is to treat patients, face a number of challenges, including running their practices, meeting consumers where they are, and providing better tools, as well as shifting to value-based arrangements that encourage pay tied to health outcomes versus frequency, Morris said.

鈥淲e have a simple strategy to go into a market and build up large medical groups, aggregate physicians and then provide them with tools, education and workflow to help them move to value-based care over time,鈥� he said. 鈥淲e are working with physicians that want to work with something larger, but still be autonomous, as well as who want to lower the cost of health care.

鈥淲e believe to accomplish lower health care costs and higher quality of care, you have to focus on the doctor because the doctor-patient relationship is critical as is the provider鈥檚 emotional and physical well-being, especially in today鈥檚 environment,鈥� he added.

The physician enablement market is estimated to be a $1.9 trillion market currently and is projected to be $3.5 trillion by 2030, with an ability to serve more than 1 million providers in the U.S., .

鈥淭here is a lot of whitespace out there, and that is why we are excited about it,鈥� Morris said. 鈥淭his market is in its infancy, and we have a lot of green grass to run in.鈥�

For the year ended Dec. 31, 2020, Privia brought in approximately $817 million in revenue, $31.2 million in net income and $1.3 billion total practice collections, according to the company鈥檚 .

The company raised in total known venture-backed and private equity funding since being founded in 2007, according to 萝莉视频 data. Backers include , and .

Among the biggest winners from the IPO are , Privia鈥檚 parent company, and Morris, according to the company鈥檚 S-1 filing.

Here鈥檚 a look at how their stakes shake out amid the IPO, based on the first day opening price:

Brighton Health Group
Number of Shares Owned After Offering: 79,178,470
Value of Stake At Closing Price: $2.75 billion

Shawn Morris
Number of Shares Owned After Offering: 4,129,931
Value of Stake At Closing Price: $143.5 million

Privia Health鈥檚 shares trade on the Nasdaq Global Select Market under the ticker symbol PRVA.

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