Connecture prices upsized IPO at $8, well below $12-$14 range

Connecture, a cloud-based solution for online health insurance marketplaces, raised $53 million by offering 6.6 million shares at $8, well below its $12-$14 range. The company sold 865,769 more shares than initially planned but raised 29% fewer proceeds. At $8, Connecture now commands a fully diluted market cap of $185 million (37% below proposed initial valuation) and an enterprise value of $205 million. The company will list on the NASDAQ under the symbol CNXR. Morgan Stanley and J.P. Morgan acted as lead managers on the deal.