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Fertility services company Progyny files for Nasdaq IPO of up to $100M

Progyny Inc. filed for an IPO of up to $100 million to list its common shares on the Nasdaq Global Market under the ticker symbol PGNY.

The New York-based company, which provides fertility services, plans to use the proceeds for general corporate purposes, working capital, operating expenses and capital expenditures. Additionally, funds raised may be used for the acquisition of complementary businesses, services or technologies.

The proposed maximum aggregate offering price of the IPO is $100 million, estimated solely for the purpose of calculating the registration fee.

Progyny started the IPO to create a public market for its common stock, facilitate future access to the capital markets and increase its capitalization and financial flexibility. David Schlanger has been the CEO of Progyny since January 2017.

TPG Biotechnology Partners III LP, KPCB Holdings Inc. and S.R. One Ltd. own 27.7%, 26.1% and 14.2% stakes in Progyny, respectively.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and BofA Securities Inc. are the joint book-running managers for the offering.