Shares of Health Insurance Innovations are rising on their first trading day after an initial public offering raised more than $65 million for the Web-based coverage provider.

The stock is up 21 cents to $14.21 in midmorning trading while the broader markets are also rising.

The Tampa, Fla., company had priced 4.7 million shares at $14 each, or the low end of its expected range of $14 to $16. Banks managing the IPO can buy another 700,000 shares if there's demand for the stock, which would add to the deal's proceeds.

Health Insurance Innovations Inc. sells individual, 12-month short-term medical coverage and dental and vision plans. It works with carriers like ING and Cigna Corp.

The stock trades under the "HIIQ" ticker symbol on the Nasdaq Global Market.