UPDATE 2-Alphabet-backed Oscar Health eyes as much as $6.7 bln IPO valuation
(Adds details on fully diluted valuation)
Feb 22 (Reuters) - Oscar Health, a health insurance startupbacked by Google parent Alphabet Inc, will raise asmuch as $1.05 billion in its initial public offering, accordingto a regulatory filing on Monday.
The offering is expected to be priced between $32 and $34per share, valuing the company at $6.7 billion at the upper-endof the price range.
The company, founded in 2012, allows patients to schedulephysician visits, check lab results, make emergency virtualappointments and refill prescriptions through its mobile app oronline platform.
The IPO comes as the COVID-19 pandemic boosts demand fortelehealth services and companies look to expand theirfootprint.
At the higher end of the range, Oscar Health would have afully diluted valuation, which includes securities such asoptions and restricted stock units, of about $8 billion.
This is well above the $3.2 billion Oscar was worth in aprivate fundraising round in 2018, according to PitchBook.
Oscar Health, which serves 529,000 members, has not beenprofitable since its inception and reported a net loss of $406.8million in 2020. (https://bit.ly/37AeU9M)
The company was founded by Mario Schlosser, Kevin Nazemi,who is no longer with the company, and Josh Kushner, brother offormer U.S. President Donald Trump's adviser and son-in-lawJared Kushner.(Reporting by Manas Mishra in Bengaluru; Editing by SaumyadebChakrabarty, Ankur Banerjee and Arun Koyyur)
