Edit Module

Trupanion Stock Debuts on NYSE

Pet health insurer raises $71 million in an initial public offering.


Published:

Trupanion CEO Darryl Rawlings celebrates the company’s initial public listing at the New York Stock Exchange.

Josh Kuckens/NYSE

Shares of pet health insurer Trupanion Inc., the newest member of the New York Stock Exchange, rose by up to 15 percent Friday in early first-day trading.

The Seattle company raised about $71 million when it sold 7,125,000 shares of common stock at an initial public offering price of $10. The price was down from the anticipated range of $13 to $15 a share.

Trupanion, which trades under the stock symbol TRUP, plans to use the cash infusion to pay down debt and ramp up its marketing.

“Trupanion is working really hard to make sure that we build and invest in technology and in business processes where we do the work for veterinarians rather than make the veterinarian bend their medicine to insurance,” said chief veterinary officer Kerri Marshall, DVM. “We are becoming a public company to continue this work to help veterinarians and their clients do what they do best: care for pets.

“We believe the Trupanion model will help lead to pet health insurance becoming the norm, and veterinarians will really see a huge shift in their ability to do quality veterinary medicine,” Dr. Marshall added.

The company reported having 181,634 enrolled cats and dogs as of March 31 in the United States, Canada and Puerto Rico, nearly six times the number of policies in effect at the beginning of 2010.

Despite a significant jump in enrollment and revenue, Trupanion has lost millions of dollars the past three years.

Edit Module
Edit ModuleShow Tags

Archive »Read More

Dog Noses as a Diagnostic Copilot?

While dogs might not be part of diagnostic tools, their ability to detect cancer can help doctors do the same.

WSU Vet Establishes Veterinary Laparoscopic Training Program

The Veterinary Assessment Laparoscopic Skills (VALS) training program, created by Boel Fransson, DVM, provides training and certification for interested board-certified veterinary surgeons.

OSU, Blue Buffalo Mark First Clinical Trials Office Anniversary

"Our relationship with Ohio State is consistent with Blue Buffalo's philosophy of giving back and supporting studies that advance veterinary medicine," said Bill Bishop, company founder and chairman.

Add your comment:
Edit Module
Edit Module
Edit ModuleEdit ModuleShow Tags Edit Module
Edit Module Edit Module
Edit ModuleShow Tags

Events


Show More...
Edit Module
Edit Module