Oscar Health, a health insurance technology startup backed by Google parent Alphabet, is looking to notch $1.05 billion in an initial public offering (IPO).
A regulatory filing with the Security and Exchange Commission (SEC) indicated that the price would be $32-$34 per share, valuing the company at $6.7 billion at the upper end of the price range.
The company facilitates the scheduling of appointments between tests ordered by primary care physicians and laboratory results. The firm also has solutions that can make emergency virtual appointments and refill prescriptions, either through its mobile app or online.
Oscar Health has 529,000 members but has not yet been profitable, per the filing. It reported a net loss in 2020 of $406.8 million.
Oscar was founded in 2012 by Mario Schlosser and Jared Kushner, son-in-law to former U.S. President Donald Trump, Reuters reported. Kevin Nazemi is also a co-founder but is no longer with the company, per the news outlet.
The company said earlier this month that it filed a registration statement on Form S-1 with the SEC on the New York Stock Exchange (NYSE) under the ticker symbol OSCR. The offering is subject to market conditions. Earlier this month, Oscar listed the size of the offering at $100 million. The announcement followed Lemonade’s July IPO.
Advertisement: Scroll to Continue
Payments between insurance companies and providers are often fraught with numerous delays. These lags can strain budgets as healthcare providers continue making payments and providing services.
