American Well, which provides a telehealth platform for insurers and patients, raised $742 million by offering 41.2 million shares at $18, above the range of $14 to $16.
The company offered 6.2 million more shares than anticipated; at pricing, Amwell raised 41% more in proceeds than expected. Google agreed to invest $100 million in a concurrent private placement at the offer price. At the $18 offer price, the company commands a fully diluted market value of $4.5 billion.
American Well plans to list on the NYSE under the symbol AMWL. Morgan Stanley, Goldman Sachs, Piper Sandler, UBS Investment Bank, Credit Suisse, Cowen and Berenberg acted as lead managers on the deal.
