Accolade Raises $220M In IPO for Benefits Platform

Accolade Inc. priced its initial public offering of 10 million shares at $22 per share, above the range of $19 to $21, raising $220 million. At pricing, the company commands a fully diluted market value of $1.2 billion. Shares ended the day at $30.10.
Accolade provides personalized, technology-enabled solutions that help people better understand, navigate, and utilize the healthcare system and their workplace benefits.
Shares began trading Thursday on the Nasdaq under the ticker symbol “ACCD.” The offering is expected to close on July 7, the company said. In addition to the initial 10 million shares, the company has granted the underwriters a 30-day option to purchase up to 1.5 million additional shares.
According to Crunchbase, Accolade has raised $237.3 million in venture-back funding to date. In its last fiscal, the company achieved a revenue of $132.5 million. They posted $94.8 million in revenue for the prior fiscal year. They also showed a net loss of $51.4 million in its most recent fiscal year, a slight decrease from its $56.5 million loss in the prior fiscal.