Progyny Inc. Sets IPO at 10 Million Shares; Sees Pricing at $14-$16 Each

Date : 10/15/2019 @ 3:37PM
Source : Dow Jones News
Stock : Merck Kgaa (PC) (MKKGY)
Quote : 24.164  0.038 (0.16%) @ 9:55PM

Progyny Inc. Sets IPO at 10 Million Shares; Sees Pricing at $14-$16 Each

Merck Kgaa (USOTC:MKKGY)
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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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