Health In Tech, which provides a stop-loss policy marketplace and services for self-funded benefits plans, filed on Friday with the SEC to raise up to $10 million in an initial public offering.
The Stuart, FL-based company plans to raise $10 million by offering 2.3 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Health In Tech would command a fully diluted market value of $261 million.
During the six month ended 6/30/2024, revenue increased 16% to $10 million. Gross margin contracted 1,369 bps to 81%. Adjusted EBITDA decreased -59% to $1.1 million, and adj. EBITDA margin fell -2,088 bps to 11%.
Health In Tech's services include its managing general underwriter offering (43% of 2023 revenue); its program manager offering (42%), which creates health plans, selects networks, manages vendors, and sets up benefits plans on the marketplace; and its health intelligence card offering (15%), which provides medical claims access data and claims negotiation for its program members. The company serviced 953 businesses with 19,101 enrolled employees as of 6/30/24.
The Stuart, FL-based company was founded in 2014 and booked $21 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol HIT. Health In Tech filed confidentially on April 19, 2024. American Trust Investment Services is the sole bookrunner on the deal.
