Shares of Health Insurance Innovations are rising on their first trading day after an initial public offering raised more than $65 million for the Web-based coverage provider.
The stock is up 21 cents to $14.21 in midmorning trading while the broader markets are also rising.
The Tampa, Fla., company had priced 4.7 million shares at $14 each, or the low end of its expected range of $14 to $16. Banks managing the IPO can buy another 700,000 shares if there’s demand for the stock, which would add to the deal’s proceeds.
Health Insurance Innovations Inc. sells individual, 12-month short-term medical coverage and dental and vision plans. It works with carriers like ING and Cigna Corp.
The stock trades under the “HIIQ” ticker symbol on the Nasdaq Global Market.
Copyright 2013 The Associated Press.