Very Fair First Day Trading for WageWorks, Closing Up 40%
May 11, 2012
WageWorks, a provider of pre-tax benefits programs that has been VC-backed since 2000, raised $58.5 million in its IPO on Wednesday, pricing 6.5 million shares at $9 per share, below the expected price range of $10 to $12. Yesterday, the company saw its shares rise to close at $12.60 (up 40%) in its first day of trading on the NYSE under the ticker symbol WAGE. Post-IPO, VantagePoint Capital Partners holds a 58.5% stake, while Advent International now claims 8.8% and Camden Partners 7.2%.