HealthEquity, which offers an integrated platform for consumers to manage health savings accounts, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. With an 8% market share, it is one of the five largest HSA custodians, along with Optum Bank, JPMorgan & Chase (NYSE: JPM), Webster Bank (NYSE: WBS) and Xerox's (NYSE: XRX) Benefit Wallet product.
The Draper, UT-based company, which was founded in 2002 and booked $68 million in sales for the 12 months ended April 30, 2014, plans to list on the NASDAQ under the symbol HQY. J.P. Morgan and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
