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WageWorks Prices IPO At $9, Below Estimated Range

WageWorks Inc., a provider of consumer-directed benefit programs, announced initial public offering of 6.5 million shares of its common stock at $9.00 per share, below the expected range.

The company had previously filed to offer 6.5 million shares at a range of $10 to $12, according to the regulatory filing.

Based in San Mateo, California, WageWorks shares will begin trading on May 10, 2012, on the New York Stock Exchange under the ticker symbol "WAGE."

In addition, the company granted underwriters a 30-day option to buy up to an additional 975,000 shares of common stock to cover over-allotments, if any.

William Blair and Stifel Nicolaus Weisel are serving as joint book-running managers for the offering, with JMP Securities LLC and Needham & Company, LLC, acting as co-managers.

by RTTNews Staff Writer

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