Oscar Health, which provides direct-to-consumer online health insurance products and services, raised the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $1.1 billion by offering 31 million shares (2% insider) at a price range of $36 to $38. The company had previously filed to offer the same number of shares at a range of $32 to $34. Existing shareholders Tiger Global Management, Dragoneer Investment Group, and Coatue Management intend to purchase an aggregate $375 million worth of shares in the offering. At the midpoint of the revised range, Oscar Health will raise 12% more in proceeds than previously anticipated.
Oscar Health 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. Goldman Sachs, Morgan Stanley, Allen & Company, Wells Fargo Securities, Credit Suisse, and BofA Securities are the joint bookrunners on the deal. It is expected to price during the week of March 1, 2021.
