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Alphabet-Backed Startup Insurer Oscar Health Raises $1.2 Billion in IPO


Alphabet-Backed Startup Insurer Oscar Health Raises $1.2 Billion in IPO
By Chibuike Oguh | March 3, 2021
Oscar Health Inc., a health insurance startup backed by Google parent Alphabet Inc., sold shares in its initial public offering (IPO) on Tuesday at $39 apiece, above its target range, to raise $1.2 billion.
The IPO gives New York-based Oscar Health a market value of $7.7 billion. The target price range on the offering of 31 million shares was raised earlier on Tuesday to $36-$38 per share, up from $32-$34.
Oscar Health sells health insurance coverage to individuals, families, small businesses and Medicare users, with 529,000 customers on its technology platform across 18 states. In 2020, Oscar Health said its customers grew 75% year-on-year as the COVID-19 pandemic increased demand for healthcare delivery through online, mobile and at-home methods. ....

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