Oscar Health, which provides health insurance products and services, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $1.0 billion by offering 31 million shares (2% insider) at a price range of $32 to $34. Existing shareholders intend to purchase $375 million worth of shares in the offering. At the midpoint of the proposed range, Oscar Health would command a fully diluted market value of $7.7 billion.
Oscar Health states that it is the first health insurance company built around a full stack technology platform and a focus on serving its members. Oscar Health serves 291 counties across 18 states, and its members had over 5 million health care visits in 2020.
Oscar Health was founded in 2012 and booked $463 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol OSCR. Goldman Sachs, Morgan Stanley, Allen & Company, Wells Fargo Securities, BofA Securities and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of March 1, 2021.
The article Health insurer Oscar Health sets terms for $1 billion IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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