Oscar Health, which provides health insurance products and services, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $600 million.
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. As of January 31, 2021, the company had 529,000 members, and it had a Medical Loss Ratio of 84.7% for the year ended December 31, 2020. Oscar Health serves 291 counties across 18 states, and its members had over 5 million health care visits in 2020.
The New York, NY-based company 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. Oscar Health filed confidentially on November 6, 2020. Goldman Sachs, Morgan Stanley, Allen & Company, Wells Fargo Securities, BofA Securities and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.
