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Health insurer Oscar Health sets terms for $1 billion IPO

February 22, 2021

Oscar Health, which provides health insurance products and services, announced terms for its IPO on Monday.

The New York, NY-based company plans to raise $1.0 billion by offering 31 million shares (2% insider) at a price range of $32 to $34. Existing shareholders intend to purchase $375 million worth of shares in the offering. At the midpoint of the proposed range, Oscar Health would command a fully diluted market value of $7.7 billion.

Oscar Health states that it is the first health insurance company built around a full stack technology platform and a focus on serving its members. Oscar Health serves 291 counties across 18 states, and its members had over 5 million health care visits in 2020.

Oscar Health was founded in 2012 and booked $463 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol OSCR. Goldman Sachs, Morgan Stanley, Allen & Company, Wells Fargo Securities, BofA Securities and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of March 1, 2021.