NEW YORK (AP) — WageWorks Inc., which administers employee benefit programs for companies, said late Monday that it would seek to raise up to $75 million in an initial public offering of its shares.
WageWorks is the latest in a line of companies in recent weeks that have signaled they want to go public.
Party supplies retailer Party City Holdings Inc. said Friday that it planned to raise $350 million, while solar energy company BrightSource Energy Inc. filed for a $250 million IPO.
Recommended For You
Aluminum producer Aleris International Inc. on Tuesday filed to raise $100 million.
WageWorks administers programs such as employee health savings accounts, which let workers use pretax earnings to pay for expenses that aren't completely covered under their insurance programs.
WageWorks also provides commuter benefits. The company, based in San Mateo, Calif., says its programs help employees save money and cut payroll tax costs for employers.
Employers pay WageWorks monthly fees for the length of their contract with the company, which is typically three years for big clients, WageWorks said in a regulatory filing.
The company did not say how many shares it plans to offer, what price it hopes to sell them for or when it plans to go public. It plans to use proceeds from the IPO for working capital.
WageWorks' revenue grew to $115 million last year from $108.5 million in 2009, but it posted a net loss of $24 million in 2010, compared with a profit of $403,000 in 2009.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
