Connecture Inc., a Brookfield-based developer of web-based information systems used to create health insurance marketplaces, announced Thursday night the pricing of its initial public offering of 6.4 million shares of its common stock at a public offering price of $8 per share.
The shares began trading Friday on the Nasdaq Global Market under the ticker symbol “CNXR.” In addition, certain selling stockholders have granted the underwriters a 30-day option to purchase from them up to an additional 995,250 shares of common stock at the initial public offering price, less the underwriting discount, to cover over-allotments, if any.
Connecture grew with the implementation of the Affordable Care Act, landing contracts to administer the health care exchanges in several states. The company expanded its headquarters in Brookfield, opened a new facility in Raleigh, N.C., and expanded its offices in Atlanta, Ga., and Farmington, Conn.
Connecture is led by chief executive officer Doug Schneider.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering. Wells Fargo Securities, LLC is acting as lead manager and Raymond James & Associates, Inc. and William Blair & Company, L.L.C. are acting as co-managers for the offering.
In 2013, Connecture received a BizTimes IQ Award for innovation in business.
After opening at $8 per share today, Connecture’s stock rose to be traded at $9.11 per share by mid-morning.
