Benefit management SaaS provider Benefitfocus sets terms for $104 million IPO

Benefitfocus, which provides a cloud-based platform for employee benefits management, announced terms for its IPO on Thursday. The Charleston, SC-based company plans to raise $104 million by offering 4.5 million shares (33% insider) at a price range of $21.50 to $24.50. At the midpoint of the proposed range, Benefitfocus would command a fully diluted market value of $621 million.

Benefitfocus, which was founded in 2000 and booked $91 million in sales for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol BNFT. Benefitfocus initially filed confidentially on May 10, 2013. Goldman Sachs, Deutsche Bank and Jefferies are the joint bookrunners on the deal.