The stock of Seattle-based pet insurer Trupanion rose 14 percent in its trading debut Friday.
The shares, trading under the ticker TRUP on the New York Stock Exchange, closed up $1.40 at $11.40.
The company sold 7.1 million shares, meaning the IPO raised about $71 million before discounts and other costs. The underwriters have an option to sell an additional 1 million shares if demand is sufficient in the next 30 days.
Run from Ballard and backed by Howard Schultz’s venture capital firm, Maveron, Trupanion says it covered 181,000 pets as of March. Last year it lost $8.2 million on revenues of $83.8 million.
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