Insurtech player Health In Tech pops after IPO

Shares of Health In Tech, whose AI-based platform helps create personalized health insurance programs, surged to $5.50 per share on their first trading day on the Nasdaq, rising to 37.5% above the IPO price.

Details

Health In Tech stock opened at $4.92 per share on its first trading day, Tuesday, December 24, and closed at $5.50 per share, a nearly 8% gain for the day. It extended the growth in early trading today, Thursday, December 26, jumping more than 5% at one point. At the time of this writing, the stock was up around 2%.

Health In Tech completed its IPO on the Nasdaq earlier in the week, selling 2.3 million shares at $4.00 apiece to raise $9.2 million (before IPO-related expenses). On the first day of trading, the stock grew 37.5% versus the IPO price.

The company also granted the underwriter a 30-day option to purchase an additional 345,000 shares. If that is fully exercised, Health In Tech may raise about $10.6 million from the offering. Health In Tech states that it plans to use the proceeds for system enhancements, expansion of service offerings, sales and distribution channels, talent development and retention, and working capital.

About Health In Tech

According to the official website, the company aims to disrupt the nontransparent $4.5 trillion healthcare industry through process simplification, automation, and digitalization. The company’s platform leverages third-party AI technologies to assist employers and insurers to create customized programs. Among other things, its solutions enable insurers to quickly generate offers, calculate premiums, assess risks, and access patient information — ranging from medical histories and prescription records to insurance coverage eligibility.