Accolade, which provides a healthcare benefits management platform for self-insured employers, announced terms for its IPO on Wednesday.
The Plymouth Meeting, PA-based company plans to raise $175 million by offering 8.8 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Accolade would command a fully diluted market value of $1.0 billion.
Accolade was founded in 2007 and booked $133 million in revenue for the 12 months ended February 28, 2020. It plans to list on the Nasdaq under the symbol ACCD. Goldman Sachs, Morgan Stanley, BofA Securities, Piper Sandler, Credit Suisse, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of June 29, 2020.
