Accolade prices IPO at $22, raises $220M and debuts on Nasdaq at $1.2B valuation as shares jump 40%

Health benefits platform Accolade priced its IPO at $22 per share, raising $220 million and debuting on Nasdaq with a $1.2 billion valuation; shares rose over 40% to $30.90 in early trading. The Seattle- and Philadelphia-based company, led by CEO Raj Singh, serves employers with a subscription model and reported $132.5 million revenue for fiscal 2020, with four customers contributing 59% of that revenue.