Oscar Health, the technology-based health insurer co-founded by Josh Kushner, is preparing to launch an initial public offering, with plans to sell more than 31 million shares for an expected price between $32 and $34 each. The company will be listed under the ticker OSCR.
Oscar Health, which is headquartered in New York City and was founded in 2012, provides individual and family, small group and Medicare Advantage plans. Last year, the company introduced a $3 monthly drug program for a supply of commonly used medicines, such as insulin.
The IPO could fetch $6.7 billion or more, according to Reuters. The company has been painted as one of the most innovative healthcare providers in recent years and gained $375 million in backing from Google parent company Alphabet in 2018. After that investment, Alphabet owned roughly 10% of Oscar Health.
Oscar Health’s technology is likely to see more demand as telehealth services have boomed during the Covid-19 pandemic. The company currently has 529,000 customers in its network across 291 countries. In addition to growing its membership, Oscar Health also recently hired a new chief financial officer, naming Sid Sankaran, of AIG, to the post in 2019.
The company reported a net loss of $407 million in 2020 from $1.7 billion in revenue, Bloomberg reported.
Oscar Health’s IPO follows the launch of another healthcare provider, One Medical, which went public in 2020.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."