Davis Polk advised the underwriters on the SEC-registered initial public offering by Progyny, Inc. of 11,500,000 common shares, consisting of 6,700,000 shares sold by Progyny and 4,800,000 shares sold by certain selling shareholders, for gross proceeds of $149.5 million. Progyny is listed on the Nasdaq under the symbol “PGNY.”
Progyny is a leading fertility benefits management company that combines clinical and emotional guidance and support, science, technology and data to provide comprehensive, inclusive and effective value-based fertility solutions for self-insured employers. Progyny’s benefit plans are designed to improve outcomes, shorten time to pregnancy and reduce total fertility-related costs. The New York-based company partners with self-funded employers to help employees with family building by providing access to treatments such as IVF and egg freezing, support for surrogacy and adoption, an integrated pharmacy program, clinical and emotional support through Patient Care Advocates (dedicated fertility experts) and digital tools.
The Davis Polk capital markets team included partners Deanna L. Kirkpatrick and Yasin Keshvargar and associates Pedro J. Bermeo, Jaryn S. Fields, Annie Li and Sean Michael Pinckney. Partner David R. Bauer provided intellectual property and technology advice. Counsel Stephen I. Brecher provided benefits advice. Partner Michael Mollerus provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York office.