OSCR to begin trading on the NYSE

New York-based health insurer Oscar Health sold shares in its initial public offering (IPO) yesterday at $39 apiece; raising $1.2 billion at a valuation of $7.7 billion.

Founded in 2012, Oscar offers Individual and Family Plans, Medicare Advantage and Small group products. As of last month, it had approximately 529,000 members.

It has previously raised $1.6 billion across 10 funding rounds from investors such as Alphabet, Khosla Ventures, and General Catalyst.

In 2020, Oscar amassed $1.67 billion in revenue and $1.04 billion in 2019, with losses of $407 million and $261 million, respectively. With plans offered across 18 states, including California, Texas and Florida, Oscar has concentrated their efforts on accessibility with services that incorporate member apps, wearable health trackers, and a 24/7 telehealth service. The company states that 47% of their overall subscribing personnel are monthly active users, and 71% of these members have used their assigned virtual care team to manage their services.