Benefitfocus said today it netted $70.6 million from its initial public offering after accounting for nearly $9 million in underwriting fees and other expenses.
The Charleston software company sold 3 million shares at $26.50 last week, or $79.5 million before the IPO-related costs.
It said it plans to use the net proceeds “for working capital and general corporate purposes, including executing its growth strategy and developing new products and services.”
Benefitfocus went public Wednesday, raising $131 million for itself and one of it backers. The shares trade on the Nasdaq Stock Market under the symbol “BNFT.”
Goldman Sachs & Co., one of the lead managers of the IPO and the single largest investor in Benefitfocus, cashed out than 1.9 million shares in the sale for slightly more than $50 million.
That same day, the New York-based bank sold another 740,250 shares for about $19.6 million.
Goldman Sachs invested $106 million in the Daniel Island business in early 2007. It still owns about half of the shares of Benefitfocus.
The stock more than doubled on it trading debut. Today, it’s trading down about $1 at $49.93.
Contact John McDermott at 937-5572,
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