By Joe Veyera
A Ballard-based pet insurer posted a strong showing in its first day of trading on the New York Stock Exchange on Friday.
Trupanion, with its offices at 907 NW Ballard Way, finished Friday at $11.40 per share, up from its original listing price of $10, with CEO Darryl Rawlings ringing the NYSE bell to celebrate the IPO launch. The company employs a total of 335 workers, and had 181,634 pets enrolled in health insurance programs as of March 31 of this year. That number is up from the 31,207 pets insured as of January 1, 2010.
“We are greatly appreciative of the hard work and contributions from our staff and partners to make Trupanion the amazing company it is today,” a post read on the company’s blog. “A company that loves pets and wants to help them receive the best veterinary care possible.”
In the company’s prospectus filed with the Security and Exchange Commission (SEC), Trupanion noted its belief that the growing human-animal bond has led to an increasing willingness by pet owner’s to spend on their pet’s health, and the market for medical coverage for cats and dogs in North America is the largest in the world. The prospectus also noted that the proceeds from the stock offering were to add to the company’s financial flexibility, while creating a public market for its stock, obtaining additional capital and increasing its visibility in the marketplace.
For more information on Trupanion and its stock offering, click here.