Teladoc Inc. closed its public offering of 9,487,500 common shares at $16.75 per share to raise net proceeds of $124.1 million.
The company offered 7,887,500 shares and 1.6 million shares were offered by certain stockholders. The underwriters fully exercised their option to buy an additional 1,237,500 common shares.
Net proceeds of the primary portion of the offering will be used for working capital and general corporate purposes, including to expand its current business through acquisitions of, or investments in, other businesses, products or technologies.
Teladoc did not receive any proceeds from common shares sold by the selling stockholders.
J.P. Morgan and Piper Jaffray & Co. acted as joint book-running managers for the offering and as representatives of the underwriters. Wells Fargo Securities and William Blair also acted as joint book-running managers for the offering. SunTrust Robinson Humphrey and Oppenheimer & Co. acted as co-managers for the offering.