Health insurance exchange tech on the NASDAQ exchange: Connecture sets terms for $75 million IPO

Connecture, which powers over 30 public and private online health insurance marketplaces, announced terms for its IPO on Tuesday. The Brookfield, WI-based company plans to raise $75 million by offering 5.8 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Connecture would command a fully diluted market value of $291 million.

Connecture's ten largest customers accounted for 60% of revenue during the nine months ended September 30, 2014, and its largest was Blue Cross and Blue Shield of Michigan.

Connecture, which was founded in 1999 and booked $82 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol CNXR. Morgan Stanley and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of December 8, 2014.