Progyny Inc. Sets IPO at 10 Million Shares; Sees Pricing at $14-$16 Each
October 15 2019 - 11:37AM
Dow Jones News
By Colin Kellaher
Progyny Inc., a benefits-management company backed by
private-equity firm TPG Inc., on Tuesday said it expects to sell
6.7 million shares at $14 to $16 apiece in its initial public
offering.
At the $15 midpoint of that range, the New York company focused
on fertility and family-building benefits said it expects net
proceeds of about $91 million.
Certain shareholders, including Germany's Merck KGaA (MRK.XE),
are selling another 3.3 million shares in the IPO, for a total
offering of 10 million shares, Progyny said.
Progyny will have about 82.2 million shares outstanding after
the IPO, according to a filing with the Securities and Exchange
Commission, for a market capitalization of roughly $1.23 billion at
the $15-a-share midpoint.
TPG, which isn't selling any shares, will own about 25% of
Progyny after the offering.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 15, 2019 11:22 ET (15:22 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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