Progyny, a US-based fertility benefits platform backed by pharmaceutical firms GlaxoSmithKline and Merck Group, filed for a $100m initial public offering on the Nasdaq Global Market on Friday.
The company has not yet set a price range or decided how many shares it will issue.
Progyny was created from the merger of reproductive health technology developers Auxogyn and Fertility Authority in 2015, and provides fertility benefits services to some 1.4 million employees across 80 corporations.
Prospective parents have access to a dedicated point-of-contact who offers logistical and emotional support and clinical guidance. The company also operates its own integrated pharmacy benefits platform for fertility treatment medication.
Progyny closed a $31m series B round in November 2017, it revealed in its filing, backed by GlaxoSmithKline’s corporate venturing division, SR One, TPG Biotech, family office Evo Eagle and Kleiner Perkins (then known as Kleiner Perkins Caufield & Byers, or KPCB).
The round was raised over multiple tranches, beginning with a $14.7m first close in 2016 backed by SR One, TPG Biotech and KPCB. SR One returned in May 2017 for a $10m extension that was co-led by TPG Biotech and KPCB.
Further details could not be ascertained and while Grove Venture Partners and Mellon Ventures reportedly also supported the round, Progyny did not mention either in its prospectus.
Auxogyn had already secured approximately $80m in combined equity and debt financing from investors including SR One and M Ventures, the corporate venturing subsidiary of Merck Group, and KPCB, ahead of the merger.
Progyny has not yet allocated proceeds from the proposed offering to any specific purposes.
SR One currently owns a 14.2% stake in the business, while Merck holds 6.6%. TPG Biotech is the largest shareholder with a 27.7% stake, followed by KPCB with 26.1% and David Schlanger, chief executive of Progyny, who maintains a 5.4% shareholding.
JP Morgan Securities, Goldman Sachs and Bank of America Securities are acting as joint book-running managers for the proposed offering. The underwriters also include Citigroup Global Markets, Piper Jaffray, SVB Leerink and TPG Capital.
