Everyday Health Raises $100 Million in IPO, but Shares Dip in Early Trading
Everyday Health Inc. raised more than $100 million in its initial public offering on Friday, but shares fell after its premiere on the New York Stock Exchange.
“The IPO is an opportunity to raise some capital so we can continue to invest,” said Ben Wolin, the wellness media company’s chief executive officer, in an interview. “There are a lot of changing opportunities in the healthcare landscape and we’re going to focus on that.”
“We have a pretty long-term vision, which is that consumers will continue to come online to get healthcare information and make healthcare choices, and marketers will continue to want to reach them,” he added.
The New York company offered nearly 7.2 million shares at $14. The underwriters have a 30-day option to buy an additional 1.1 million shares, which would push the offering above $115 million.
Everyday Health operates a number of health and wellness properties, including South Beach Diet, Drugstore.com, MayoClinic.org and My Calorie Counter.
The stock was off about four percent in late-day trading, but Wolin said the company is focused on long-term strategy, not market fluctuations.
“We feel excited about being public, but we’re not managing the business or managing our lives on an hour-by-hour basis because of the stock,” he said. “We should talk in a couple years and look at the stock price then.”
Update: This story has been updated with quotes from CEO Ben Wolin.