Bright Health Group, which provides health insurance and other healthcare services, announced terms for its IPO on Tuesday.
The Minneapolis, MN-based company plans to raise $1.3 billion by offering 60 million shares at a price range of $20 to $23. At the midpoint of the proposed range, Bright Health Group would command a fully diluted market value of $15.4 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.
Bright Health Group 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. J.P. Morgan, Goldman Sachs, Morgan Stanley, Barclays, BofA Securities, Citi, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.
