You are here: Home » International » News » Companies
Business Standard

Alphabet-backed Oscar Health valued at $7.09 billion in lackluster debut

The company's shares opened at $36 on the New York Stock Exchange, below its initial public offering (IPO) price of $39 per share

Topics
Alphabet | IPOs

Reuters 

Google-parent Alphabet revenue rises more than expected

(Reuters) - Shares of Oscar Health fell more than 7% in their stock market debut on Wednesday, fetching a valuation of just over $7 billion for the health insurance startup backed by Google parent Inc.

The company's shares opened at $36 on the New York Stock Exchange, below its initial public offering (IPO) price of $39 per share. Oscar Health raised $1.2 billion in its offering on Tuesday.

Oscar Health's market launch comes at a time when the COVID-19 pandemic has supercharged the telemedicine market, with more looking to expand their scale and offerings as healthcare moves to the virtual realm.

The New York-based company has about 529,000 users and allows patients to schedule physician visits, check lab results, make emergency virtual appointments and refill prescriptions through its mobile app or online platform.

Oscar Health was founded in 2012 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.

 

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Devika Syamnath)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, March 03 2021. 23:47 IST
RECOMMENDED FOR YOU
.