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Benefitfocus prices upsized IPO above the range at $26.50, raising $131 million

By: Renaissance Capital
Posted: 9/18/2013 8:39:00 AM
Referenced Stocks: BNFT

Benefitfocus, which provides a cloud-based platform for employee benefits management, raised $131 million by offering 4.9 million shares (39% insider) at $26.50, above the range of $21.50 to $24.50. The company had originally filed to offer 4.5 million shares (33% insider); all of the additional shares were offered by existing shareholders. Benefitfocus, which initially filed confidentially on 5/10/13, plans to list on the NASDAQ under the symbol "BNFT". Goldman Sachs, Deutsche Bank and Jefferies & Co. acted as lead managers on the deal.