Alphabet-backed Oscar Health priced its IPO above range at $39 per share, raising $1.2 billion. The health insurance startup planned to sell 31 million shares in the $32-$34 price range which was further raised to $36 to $38 a piece.
- The top shareholders of Oscar Health include Google’s parent Alphabet, Thrive Capital, Fidelity Management, Founders Fund, General Catalyst, and Khosla Ventures.
- The company has about 529,000 customers on its technology platform across 18 states
- Oscar’s Health’s membership rose 75% to 402,044 as of December 31, 2020, from 229,818 in 2019.
- The company’s premiums jumped 60% in 2020 to $1.67 billion, but revenues fell 5.2% to $462.8 million and net losses increased to $406.8 million from $261.2 million in prior year.
Oscar Health IPO gives the company an initial valuation of $7.7 billion.
