TAMPA, Fla. (AP) -- Health Insurance Innovations Inc., a Web-based coverage provider, has raised $65.3 million in an initial public offering of stock.
The Tampa, Fla., company said Thursday that it priced 4.7 million shares at $14 each, the low end of its expected range of $14 to $16. That suggests modest demand from investors.
The banks managing the IPO may buy another 700,000 shares if there's demand for the stock, adding to the deal's proceeds.
Health Insurance Innovations sells individual, 12-month short-term medical coverage, dental and vision plans and supplemental coverage for cancer or critical illness, among other products. The company works with carriers like ING and Cigna Corp.
The company will receive about $58.2 million in proceeds after deducting expenses, which it plans to use to repay debt. Any leftover money will help fund its commission structure and potential acquisitions.
The stock is set to start trading Friday on the Nasdaq Global Market under the ticker symbol "HIIQ."
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