MINNEAPOLIS – eBenX Inc., an electronic health plan management company, went public December 10, offering 5 million shares at $20 apiece. The company’s stock priced well above its $15 to $17 filing range.

Underwritten by BancBoston Robertson Stephens, Warburg Dillon Read LLC and Thomas Weisel Partners LLC, the initial public offering left 15.2 million shares outstanding.

There were no selling shareholders. North Bridge Venture Partners LP, New Enterprise Associates, JMI Equity Fund and CB Health Ventures LLC were venture backers.

The company connects employers with group health insurance companies, reducing red tape and streamlining benefit management for clients such as Xerox Corp. and Bell Atlantic Corp.

The $92.3 million in proceeds expected from the IPO will be used for general corporate purposes, including working capital, sales and marketing expenditures, product development and investments in technology infrastructure.

eBenX lost $500,000 in 1997 and $1 million in 1998.

John Nehra, a general partner at NEA, joined the company’s board in 1996, followed in 1998 by William Geary, a principal at North Bridge. Paul Barber, a managing member at JMI, joined the company’s board of directors in June 1999.

eBenX – Selected Financial

(in thousands, except per share data)

Year Ended December 31 Nine Months Ended September 30

1994 1995 1996 1997 1998 1998* 1999*

Total revenue 904 2,497 4,360 7,093 10,122 6,669 11,746

Net income (loss) -166 62 -581 -500 -1,042 -1,024 -2,702

Net income (loss) per share -0.05 0.02 -0.18 -0.15 -0.3 -0.3 -0.77