Marpai, a managed health plan platform for self-insured employers, lowered the proposed deal size for its upcoming IPO on Monday.
The Tampa, FL-based company now plans to raise $25 million by offering 6.3 million shares at $4. The company had previously filed to offer 2.8 million shares at a range of $8 to $10. At the revised deal size, Marpai will raise the same amount of proceeds, but will command a fully diluted market value of $76 million (-47% vs. original terms).
Marpai aims to create the healthcare payer of the future for self-insured employers by using artificial intelligence to predict costly events and optimize care. Marpai is the result of the combination of Marpai Health, its AI-focused subsidiary with a research and development team in Tel Aviv, Israel, and Continental Benefits, a provider of administration services to self-insured employer groups across the US.
Marpai was founded in 2019 and booked $4 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol MRAI. ThinkEquity is the sole bookrunner on the deal.
