Fertility Service Progyny Climbs After Below-Range IPO

(Bloomberg) -- Fertility benefits manager Progyny Inc. rose 23% in its trading debut after a $130 million initial public offering priced below its marketed range.

Progyny’s shares closed their first day of trading at $15.94 in New York trading Friday, giving the company a market value of $1.31 billion. The company sold 10 million shares Thursday for $13 each after marketing them for $14 to $16.

About a third of the shares sold -- 3.3 million -- were offered by current stockholders, according to its filings with the U.S. Securities and Exchange Commission.

For the six months ended June 30, Progyny said in its filings that it had net income from continuing operations of $4 million on revenue of $103 million. That compared with a loss of $2.4 million on revenue of $48 million during the same period last year.

The offering was led by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. The shares are trading on the Nasdaq Global Select Market under the symbol PGNY.

To contact the reporters on this story: Michael Hytha in San Francisco at mhytha@bloomberg.net;Crystal Tse in New York at ctse44@bloomberg.net

To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Matthew Monks

©2019 Bloomberg L.P.