American Well, which provides a telehealth platform for insurers and patients, announced terms for its IPO on Tuesday.
The Boston, MA-based company plans to raise $525 million by offering 35 million shares at a price range of $14 to $16. The company plans to raise an additional $100 million in a concurrent private placement to Google. At the midpoint of the proposed range, American Well would command a fully diluted market value of $3.6 billion.
The Amwell Platform's scalable technology enables care delivery across a wide variety of clinical, retail, school, and home settings. As of June 30, 2020, the company powered the digital care programs of 55 health plans, which support over 36,000 employers and collectively represent more than 80 million covered lives, as well as 150 of the nation's largest health systems, encompassing more than 2,000 hospitals.
American Well was founded in 2006 and booked $202 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol AMWL. Morgan Stanley, Goldman Sachs, Piper Sandler, UBS Investment Bank, Credit Suisse, Cowen and Berenberg are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
