Progyny Inc., the fertility and family building benefits company that serves large, self-insured employers in the US, announced its Initial Public Offering of 10,000,000 shares of its common stock at a price of $13.00 per share, below the range of $14 to $16, becoming the first fertility benefits company to ever go public.is offering 6,700,000 shares and the selling stockholders are offering 3,300,000 shares.
Progyny has filed its IPO listing 80 B2B customers at nearly 100% retention rate, and a sweeping 1,4 million lives covered. The company raised $99.5 million in venture capital in 10 rounds, from Merck Ventures and Kleiner Perkins, among others, and reported revenues totalling $103.4 million in the first half of 2019.
The company made some key hires recently, which then was interpreted as an indicator of a potential big move. Greenbaum emphasizes that the company wants to make sure that it has the right capabilities to scale and continue to grow the impact: “The company has so far tackled a ‘small portion’ of the total addressable market, and is looking forward to further delivering the best fertility benefits solution and a stellar patient experience to many more self-insured employers,” she adds.
Progyny’s solution provides women -and men- who need fertility treatments access to best-in-class science, technology and fertility specialists -800 in total who practice at nearly 600 provider clinic locations). Furthermore, it provides guidance from a dedicated Patient Care Advocate , and unlimited education and emotional support.