Oscar Health Raises $ 1.4 Billion Through Its Stock Exchange Listing

Oscar Health Raises $ 1.4 Billion Through Its Stock Exchange Listing

Oscar Health, the health insurance company co-founded by Joshua Kushner, raised more $ 1 billion in an initial public offering that exceeded the company’s marketed price range, a sign of investor confidence amid political uncertainty over the future of healthcare in the United States.

The New York-based company valued its shares at $ 39 each on Tuesday, according to a statement, raising about $ 1.4 billion. Oscar would have a market cap of $ 7.9 billion at this price, based on the total number of shares outstanding.

Oscar previously said he expected his share price to be between $ 32 and $ 34 before raising the range to $ 36 to $ 38 on Tuesday. Coatue Management, Dragoneer Investment Group and Tiger Global Management – existing investors in the company – had indicated their interest in purchasing up to $ 375 million in shares as part of the offer.

This decision demonstrated that investors are relatively unfazed by potential headwinds for the company. President Joe Biden has vowed to reform America’s healthcare system and the Supreme Court is considering a ruling on the fate of the Affordable Care Act, known as Obamacare, both of which could pose significant challenges to the business model Oscar.

Oscar was co-founded in 2012 by Mario Schlosser and Joshua Kushner, the brother of Jared Kushner, Donald Trump’s son-in-law. Kushner’s venture capital firm, Thrive Capital, held a stake worth $ 1.3 billion at the offer price and would give it 75.9% of the company’s voting rights.

Oscar, who …

Source

News Highlights Finance

  • Headline: Oscar Health Raises $ 1.4 Billion Through Its Stock Exchange Listing
  • Check all news and articles from the Finance news updates.
Disclaimer: If you need to update/edit/remove this news or article then please contact our support team.
For Latest Updates Follow us on Google News
Bollyinside - US Local News & Breaking News Stories
Logo
Compare items
  • Total (0)
Compare
0