Merck Kgaa (USOTC:MKKGY)
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1 Month : From Oct 2019 to Nov 2019
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.
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(END) Dow Jones Newswires
October 15, 2019 11:22 ET (15:22 GMT)
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