A team of Goodwin Procter attorneys recently represented the underwriters in the initial public offering of Benefitfocus, Inc., a provider of cloud-based benefits software. The underwriting syndicate was led by Goldman, Sachs & Co., Deutsche Bank Securities Inc. and Jeffries LLC.
Shares of Benefitfocus were priced at $26.50, two dollars above the anticipated range, and are traded on the NASDAQ under ticker symbol “BNFT”. The IPO included more than 4.9 million shares of common stock, with underwriters exercising their option to purchase an additional 740,250 shares from selling stockholders.
Benefitfocus is a provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. With more than 20 million consumers on its platform, the Charleston, South Carolina-based company’s solutions support the administration of all types of benefits including core medical, dental and other voluntary benefits plans.
The Goodwin team advising the underwriters included associate Matthew Stayman. Partners William Stern, Samantha Kirby, Peter LaVigne, Martin Carmichael and Joel Lehrer, counsel Jacqueline Klosek and associate Steven Argentieri provided assistance.
To learn more about Benefitfocus’ IPO, please read the press release announcing the close of the offering.