Health in Tech (HIT) Announces November 4th IPO

Health in Tech (HIT) is planning to raise $10 million in an initial public offering (IPO) on the week of November 4th, IPO Scoop reports. The company will issue 2,300,000 shares at $4.00-$5.00 per share.

In the last 12 months, Health in Tech generated $20.6 million in revenue and $1.8 million in net income. Health in Tech has a market cap of $243.3 million.

American Trust Investment Services acted as the underwriter for the IPO.

Health in Tech provided the following description of their company for its IPO: “(Incorporated in Nevada) Our Mission To change the non-transparent $4.5 trillion healthcare industry with innovation that removes friction and complexities with vertical integration, process simplification, automation, and digitalization. Overview Health in Tech (“HIT”) is an insurance technology platform company, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Marketplace:    We are a health insurance marketplace where insurance companies can list various stop-loss policy options for self-funded benefits plans. Licensed brokers registered on our platform can log in, upload certain required information, select policy plans, obtain a bindable quote and sell them to small businesses. Our technology enables us to medically underwrite insurance policies and usually produce bindable quotes within approximately two minutes, allowing us to deliver an integrated and seamless sales cycle. Customizable Solutions:    Beyond policy underwriting and sales, our marketplace offers customization of health benefits plans, vendors, claims, and network services. Brokers can select customized plans that suit their customers. Accessibility and Savings:    We make self-funded benefits plans and stop loss insurance accessible online for small businesses. We aim to deliver meaningful cost savings for low-risk, small employers with comparatively healthy employees through a digital medical underwriting process. We seek to deliver time savings for employers, brokers, TPAs, and carriers, by leveraging both external and internally developed technology. HIT was founded on the belief that self-funded benefits plans and stop loss insurance should be simple and streamlined with significant transparency. With over 30 years of industry experience of our management team, we understand the complexities of the healthcare insurance market, and we know how to integrate the multifaceted aspects of the industry. Our solutions and technology platforms do exactly this through vertical integration, process simplification, automation, and digitalization. Service Solutions We offer a suite of service solutions designed to meet the diverse needs of our clients. Available for seamless integration or as standalone offerings, our services are delivered through the three wholly-owned subsidiaries operating on a single online marketplace: (i) Stone Mountain Risk, LLC (“SMR”), (ii) International Captive Exchange, LLC (“ICE”), and (iii) HI Card LLC which offers the HI (Health Intelligence) Card platform (“HI Card”). Collectively, these services embody the comprehensive value proposition of HIT. For the year ended December 31, 2023, the percentage of our total revenue attributed to each of SMR, ICE and HI Card was 42.2%, 43%, and 14.8%, respectively. Program services provided by SMR and underwriting and administrative activities provided by ICE (including eDIYBS) are interdependent, as they cannot function effectively without being combined. Services provided by HI Card are optional add-on to our services, and it cannot be offered on a standalone basis. Any broker that utilized program services offered by SMR and ICE is not obligated to utilize the HI Card service. Note: Net income and revenue are for the 12 months that ended June 30, 2024. (Note: Health in Tech filed its S-1 on Aug. 30, 2024, and disclosed the terms for its small-cap IPO: The company is offering 2.3 million shares at a price range of $4.00 to $5.00 to raise $10.35 million. Background: Health in Tech submitted confidential IPO documents to the SEC in April 2024.) “.

Health in Tech was founded in 2014 and has 82 employees. The company is located at 701 S. Colorado Ave, Suite 1 Stuart, FL 34994 and can be reached via phone at (888)-373-0333 or on the web at http://www.healthintech.com/.