Oscar Health, which provides direct-to-consumer online health insurance products and services, raised $1.4 billion by offering 37 million shares (2% insider) at $39, above the upwardly revised range of $36 to $38. The company originally planned to offer 31 million shares (2% insider) at a range of $32 to $34, before increasing the range on Tuesday. All additional shares were sold by the company. Existing shareholders Tiger Global Management, Dragoneer Investment Group, and Coatue Management had indicated on an aggregate of $375 million worth of shares in the offering. At pricing, Oscar commands a fully diluted market value of $9.5 billion, 22% higher than originally anticipated
Oscar Health plans to list on the NYSE under the symbol OSCR. Goldman Sachs, Morgan Stanley, Allen & Company, Wells Fargo Securities, Credit Suisse and BofA Securities acted as lead managers on the deal.
