Progyny, which manages employee fertility benefits programs, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $150 million by offering 10 million shares (33% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Progyny would command a fully diluted market value of $1.5 billion.
Progyny was founded in 2016 and booked $160 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol PGNY. J.P. Morgan, Goldman Sachs, BofA Merrill Lynch and Citi are the joint bookrunners on the deal. It is expected to price during the week of October 21, 2019.
