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    Extend Health hopes to raise $75M in IPO

    By The Associated Press | Associated Press – Fri, Jan 6, 2012

    Health benefit management company Extend Health Inc. hopes to raise about $75 million with an initial public offering of stock, according to a registration statement filed with the Securities and Exchange Commission.

    The San Mateo, Calif., company operates a private exchange on which retirees can buy Medicare-related coverage.

    Medicare is the federal government's health coverage program for the elderly and disabled. Extend Health says it receives most of its revenue from Medicare supplement, Medicare Advantage and Medicare Part D prescription drug plans.

    Medicare Advantage plans are privately run versions of the government's Medicare program for the elderly and disabled. Subsidized by the government, the plans offer basic Medicare coverage topped with extras like vision or dental coverage or premiums lower than standard Medicare rates.

    The company said its ExtendRetiree product enables employers to switch retirees from group-based, defined benefit health plans to individual, defined contribution health plans. Its clients include more than 30 Fortune 500 companies, according to the filing.

    Extend Health generates most of its revenue from commissions it receives from insurance carriers for enrolling individuals into health plans. It earned $2 million in last year's third quarter, before making a payment for preferred stockholder dividends, on $15.8 million in revenue.

    The company did not detail how many shares it plans to offer or the price range in the filing. It will use offering proceeds to repay a loan with Silicon Valley Bank. It also plans to expand sales and marketing and may use some proceeds to acquire businesses, products, services or technologies.

    Underwriters for the offering include Morgan Stanley & Co. LLC, Barclays Capital Inc., and Wells Fargo Securities LLC.

    Extend Health's proposed ticker symbol for the New York Stock Exchange is "XH"

     

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