Oak Street Health, which operates primary care health facilities for Medicare patients in the Midwest, raised the proposed range for its upcoming IPO on Wednesday.
The Chicago, IL-based company now plans to raise $305 million by offering 15.6 million shares at a price range of $19 to $20. The company had previously filed to offer the same number of shares at a range of $15 to $17. At the midpoint of the revised range, Oak Street Health will raise 22% more in proceeds than previously anticipated to command a fully diluted market value of $4.7 billion.
Oak Street Health was founded in 2012 and booked $641 million in revenue for the 12 months ended March 31, 2020. It plans to list on the NYSE under the symbol OSH. J.P. Morgan, Goldman Sachs, Morgan Stanley, William Blair and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2020.
