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Fertility benefits company Progyny files to go public

Key Points
  • Progyny has released its S-1 filing to go public. 
  • The company generated $103.4 million in revenue and net income of $4.04 million for the first half of 2019.
  • The filing comes as investors remain skeptical about recent IPOs. 
George Kavallines | CNBC

Progyny, a company that manages fertility benefits for employees at large firms, released its IPO prospectus on Friday.

For the first half of 2019, Progyny generated $103.4 million in revenue and net income of $4.04 million. That's up from $48.4 million in revenue and $3.3 million in net income in the first six months of 2018.

In the filing, the company says its range of benefits have led to above-average fertility outcomes among members, with in-network IVF pregnancy rates of 60.7%, compared to 52.5% across all IVF clinics.

The stock will trade under the symbol "PGNY" on the Nasdaq. The lead underwriters are J.P. Morgan, Goldman Sachs and Bank of America Merrill Lynch.

CNBC previously reported that Progyny had hired banks for an IPO and its S-1 was imminent.

Progyny sells health and technology services to large employers, counting Facebook and Microsoft as two of its biggest clients. The company provides resources for employees who encounter fertility issues and helps them manage the cost. It also offers coaches to employees who can provide information about the risks and benefits of procedures like in-vitro fertilization (IVF) and egg freezing.

The S-1 filing comes as investors remain skeptical about IPOs and another digital health company, Livongo Health, has fallen 36% from its July IPO price of $28 per share.

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