Oscar Health, Inc. (OSCR) to Raise $1 Billion in IPO


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Oscar Health, Inc. (OSCR) is planning to raise $1 billion in an initial public offering (IPO) on Wednesday, March 3rd, IPO Scoop reports. The company plans to issue 31,000,000 shares at a price of $32.00-$34.00 per share.

In the last 12 months, Oscar Health, Inc. generated $1.7 billion in revenue and had a net loss of $406.8 million. Oscar Health, Inc. has a market-cap of $6.5 billion.

Goldman Sachs, Morgan Stanley, Allen & Co., Wells Fargo Securities, BofA Securities and Credit Suisse served as the underwriters for the IPO and Cowen, Lion Tree, Ramirez & Co. and Siebert Williams Shank were co-managers.

Oscar Health, Inc. provided the following description of their company for its IPO: “At Oscar, we make a healthier life accessible and affordable for all. Oscar is the first health insurance company built around a full stack technology platform and a relentless focus on serving our members. We started Oscar over eight years ago to create the kind of health insurance company we would want for ourselves—one that behaves like a doctor in the family, helping us navigate the health care system in our moments of greatest need. In the years since, we have built a suite of services that permit us to earn our members’ trust, leverage the power of personalized data, and help our members find quality care they can afford. We call this our member engagement engine, and it is powered by a differentiated full stack technology platform that will allow us to continue to innovate like a technology company and not a traditional insurer in the years ahead. After eight years of selling health insurance, we are proud to have earned industry-leading levels of trust, engagement, and customer satisfaction from the 529,000 members who, as of Jan. 31, 2021, have chosen Oscar. At the same time, we have achieved positive unit economics through a Medical Loss Ratio, or MLR, of 84.7% for the year ended Dec. 31, 2020. We serve 291 counties across 18 states, and our members had over 5 million health care visits in 2020. They include families seeking coverage that works for toddlers and their busy parents, adults with chronic conditions who know their care providers by their first names, and seniors choosing a benefits package that will serve them throughout their retirement years. As we continue to bring the Oscar experience to new members, new states, and new markets, our goal will remain the same: to build engagement, earn trust, and help our members live healthier lives. (Note: Revenue and net loss figures are for the year ended Dec. 31, 2020: $1.672 billion in revenue and a net loss of $406.83 million, compared with year-end 2019 figures of $1.041 billion in revenue and a net loss of $261.18 million, according to the prospectus.) “.

Oscar Health, Inc. was founded in 2012 and has 1839 employees. The company is located at 75 Varick Street, 5th Floor New York, New York 10013 and can be reached via phone at (646) 403-3677.

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