Bright Health Group, which provides health insurance and other healthcare services, filed on Wednesday 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 $1.2 billion.
Bright Health Group seeks to employ a more consumer-centric approach to healthcare than legacy healthcare management organizations to improve consumer experiences. The core Bright HealthCare business has grown to serve roughly 623,000 patients in 14 states in the five years since its founding. The company's newest offering, NeueHealth, uses technology to connect healthcare providers and payors and maintained nearly 75,000 unique patient relationships as of April 2021.
The Minneapolis, MN-based company was founded in 2015 and booked $1.9 billion in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol BHG. Bright Health Group filed confidentially on March 18, 2021. J.P. Morgan, Goldman Sachs, Morgan Stanley, Barclays, BofA Securities, Citi, and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.
