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Alphabet-backed Oscar Health documents for IPO as telehealth market place booms

(Reuters) – Oscar Wellbeing, a well being coverage get started-up backed by Google mum or dad Alphabet Inc, filed for an first community featuring on Friday, wanting to cash in on the surge in demand from customers for electronic well being expert services through the COVID-19 pandemic.

The New York-based mostly company, which has about 529,000 customers, permits scheduling physician visits, checking lab outcomes, emergency virtual appointments and prescription refill by means of its cell application or on line platform.

Oscar Wellness was started in 2012 by Mario Schlosser, Kevin Nazemi, who is no for a longer period a section of the business, and Josh Kushner, brother of previous U.S. President Donald Trump’s adviser and son-in-regulation Jared Kushner.

The COVID-19 pandemic has supercharged the telemedicine market and extra companies are searching to develop their scale and choices as health care moves to the virtual realm.

Oscar Health’s inventory market start comes as U.S. cash markets are poised for one more banner yr, with January’s IPO haul totaling $33.9 billion, according to Refinitiv data.

The electronic insurance coverage startup mentioned it would listing its Class A prevalent inventory on the New York Stock Trade underneath the image “OSCR”. (little bit.ly/39U4MdA)

The company’s other investors incorporate enterprise funds organization Typical Catalyst Team, Fidelity Investments mother or father FMR LLC, Peter Thiel’s Founders Fund, expenditure organization Thrive Capital and Khosla Ventures.

Goldman Sachs & Co. LLC, Morgan Stanley and Allen & Company LLC are guide underwriters for the featuring.

Reporting by Noor Zainab Hussain in Bengaluru Enhancing by Ramakrishnan M.