Bright Health Group, which provides health insurance and other healthcare services, raised $924 million by offering 51.4 million shares at $18, below the range of $20 to $23. The company offered 8.65 million fewer shares than anticipated.
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 plans to list on the NYSE under the symbol BHG. J.P. Morgan, Goldman Sachs, Morgan Stanley, Barclays, BofA Securities, Citi, and Piper Sandler acted as joint bookrunners on the deal.
