Health in Tech (HIT) shares surged today – Monday, Dec. 23, 2024 – in their NASDAQ debut to open at $5.25 – up $1.25 for a 31.25 percent gain from their $4.00 IPO price. By late afternoon trading, the insurance tech platform’s stock was up 35.5 percent at $5.38 on volume of 1.17 million shares. At the closing bell, Health in Tech’s stock was at $5.10 – up $1.10 or 27.5 percent from its $4.00 IPO price – on volume of 1.24 million shares.
Health in Tech priced its small IPO on Friday, Dec. 20, 2024, at $4.00 – the low end of its $4.00-to-$6.00 price range – and sold 2.3 million shares – to raise $9.2 million. At pricing, Health in Tech had a market cap of $243.31 million.
Health in Tech, based in Stuart, Florida, offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification and automation, according to the prospectus. The company was incorporated in Nevada.
“By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers and third-party administrators (TPAs),” the prospectus said.
Health in Tech is profitable, according to the prospectus. For the 12 months that ended Sept. 30, 2024, Health in Tech reported net income of $1.82 million on revenue of $19.8 million.
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