Connecture (CNXR) IPO Prices at $8, Below Expected Range
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Connecture Inc. (NASDAQ: CNXR) announced the pricing of its initial public offering of 6,635,000 shares of its common stock at a public offering price of $8 per share, below the expected $12-$14 range. The shares are expected to begin trading on December 12, 2014 on The Nasdaq Global Market (Nasdaq) under the ticker symbol "CNXR."
In addition, certain selling stockholders have granted the underwriters a 30-day option to purchase from them up to an additional 995,250 shares of common stock at the initial public offering price, less the underwriting discount, to cover over-allotments, if any
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering. Wells Fargo Securities, LLC is acting as lead manager and Raymond James & Associates, Inc. and William Blair & Company, L.L.C. are acting as co-managers for the offering.
Connecture is a leading web-based consumer shopping, enrollment and retention platform for health insurance distribution. Connecture offers a personalized health insurance shopping experience that recommends the best fit insurance plan based on an individual's preferences, health status, preferred providers, medications and expected out-of-pocket costs. Connecture's customers are health insurance marketplace operators such as health plans, brokers and exchange operators, who must distribute health insurance in a cost-effective manner to a growing number of insured consumers. Connecture's solutions automate key functions in the health insurance distribution process, allowing its customers to price and present plan options accurately to consumers and efficiently enroll, renew and manage plan members.
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