Oscar Health, a health insurance start-up backed by Google parent Alphabet Inc, will raise as much as $1.05 billion in its initial public offering, according to a regulatory filings on Monday.
The offering is expected to be priced between $32 and $34 per share, valuing the company at $6.7 billion at the upper end of the pricing range.
The company, founded in 2012, allows patients to schedule physician visits, check lab results, make emergency virtual appointments and refill prescriptions through its mobile app or online platform.
The IPO comes at a time when the COVID-19 pandemic has helped boost demand for telehealth services and companies are looking to expand their footprint.
Oscar Health, which serves 529,000 members, has not been profitable since its inception, and reported a net loss of $406.8 million in 2020. (https://bit.ly/37AeU9M) The company was founded by Mario Schlosser, Kevin Nazemi, who is no longer a part of the company, and Josh Kushner, brother of former U.S. President Donald Trump's adviser and son-in-law Jared Kushner.
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