Benefitfocus raises $70.6M from its IPO
HR software provider Benefitfocus raises $70.6M from its IPO after expenses
CHARLESTON, S.C. (AP) -- Human resources software provider Benefitfocus said Monday that it raised $70.6 million, after expenses, from its initial public offering of stock.
The Charleston, S.C., company went public Wednesday. About 4.9 million shares were priced at $26.50 each, raising about $131 million, but only 3 million shares were sold by the company. The remaining stock was sold by early investors in the company.
The company, which provides a cloud-based platform for employee benefits management, will use the proceeds for general corporate purposes.
Shares more than doubled in their debut, closing at $53.55 Wednesday. The stock slipped 94 cents, or 1.9 percent, to $49.97 in afternoon trading Monday.
