Progyny (PGNY) Announces October 25th IPO

Progyny (PGNY) expects to raise $150 million in an initial public offering (IPO) on Friday, October 25th, IPO Scoop reports. The company will issue 10,000,000 shares at a price of $14.00-$16.00 per share.

In the last twelve months, Progyny generated $160.4 million in revenue and had a net loss of $2.7 million. The company has a market cap of $1.2 billion.

J.P. Morgan, Goldman Sachs and BofA Merrill Lynch served as the underwriters for the IPO and Citigroup, Piper Jaffray, SVB Leerink and TPG Capital were co-managers.

Progyny provided the following description of their company for its IPO: ”  Progyny is a leading benefits management company specializing in fertility and family building benefits solutions in the United States. Our clients include many of the nation’s most prominent employers across a broad array of industries. We launched our fertility benefits solution in 2016 with our first five employer clients, and we have grown our base of clients to over 80. We currently provide coverage to approximately 1.4 million employees and their partners (known in our industry as covered lives), who we refer to as our members. We have achieved this growth by demonstrating that our purpose-built, data-driven and disruptive platform consistently delivers superior clinical outcomes in a cost-efficient manner while driving exceptional client and member satisfaction. “.

Progyny was founded in 2008 and has 163 employees. The company is located at 245 5th Avenue, New York, New York 10016, US and can be reached via phone at (212) 888-3124 or on the web at http://www.progyny.com.

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