Alphabet-backed Oscar Health Raises $ 1.2 Billion On IPO

Alphabet-backed Oscar Health Raises $ 1.2 Billion On IPO

(Reuters) – Oscar Health Inc, a health insurance startup backed by parent company of Google Alphabet Inc, sold shares on Tuesday during its initial public offering (IPO) at $ 39 each, above its target range, to raise $ 1.2 billion.

The IPO gives New York-based Oscar Health a market value of $ 7.7 billion. The offering’s target price range of 31 million shares was raised earlier Tuesday to $ 36- $ 38 per share, from $ 32- $ 34.

Oscar Health sells health insurance coverage to individuals, families, small businesses and Medicare users, with 529,000 customers on its technology platform in 18 states.

In 2020, Oscar Health said its customers grew 75% year over year as the COVID-19 pandemic increased demand for health care via online, mobile and home methods.

Oscar Health said its premiums jumped 60% to $ 1.67 billion in 2020. The company, however, ceded most of the claims to reinsurance …

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