UPMC Health Plan joint venture prices IPO

Evolent Health, a health IT vendor founded in 2011 by the insurance arm of Pittsburgh-based UPMC and the Advisory Board Company, has priced its initial public offering of 11.5 million shares of class A common stock at $17 per share, according to a Pittsburgh Business Times report.

The share price was above Evolent's expected IPO price of $14 to $16 per share, according to Reuters.

UPMC Health Plan and the Advisory Board each contributed $10 million to create Evolent in 2011, which has targeted hospital networks that are looking for ways to control healthcare costs, according to the Pittsburgh Business Times.

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