The New York Metropolis-based startup submitted a draft registration assertion for its proposed preliminary public providing to the U.S. Securities and Change Fee, however the measurement and value vary for the IPO has but to be decided.
Oscar should now look forward to the completion of the SEC evaluate course of earlier than its IPO might be launched.
WHY THIS MATTERS
Oscar describes itself because the “first-ever technology-driven well being insurer.” It affords direct-to-consumer well being plans that hunt down and information members towards optimum and cost-effective care choices – which may embody the 24/7 digital care providers provided by Oscar itself, named Physician on Name.
The announcement comes on the heels of a $140 million funding spherical earlier this month and a $225 million Collection C spherical this summer time. Oscar anticipated utilizing the funds for firm development.
THE LARGER TREND
Tech-enabled insurance coverage corporations, generally known as insurtech, have gotten increasingly well-liked amongst customers for his or her means to maintain healthcare prices low.
These kinds of corporations have just lately obtained a big quantity of consideration and funding from buyers.
Others within the area embody Vibrant Well being, which raised $500 million in a Collection E spherical this fall and introduced plans to increase entry to its Medicare Benefit, particular person and family-plan merchandise in choose areas, and so as to add fully-insured small-business plans to its out there merchandise in sure markets.
There’s additionally Clover Well being, which just lately introduced plans to go public via a SPAC merger with Social Capital Hedosophia Holdings Corp. III. The deal rated Clover at an enterprise worth of about $3.7 billion.