- Shares of Oscar Health fell as much as 10% in its trading debut on Wednesday.
- The health insurance firm priced its IPO at $US39 ($50) per share, raising $US1 ($1).4 ($2) billion at a valuation of $US9 ($12).5 ($12) billion.
- Oscar Health trades under the ticker symbol “OSCR” on the New York Stock Exchange.
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Oscar Health fell as much as 10% in its IPO trading debut on Wednesday, giving it a valuation of about $US9 ($12) billion.
Oscar had priced its IPO at $US39 ($50) per share, selling 37 million shares $US1 ($1) higher than its previously targeted offering range of $US36 ($46)-$US38 ($49). Oscar had originally planned to sell 31 million shares at a price between $US32 ($41)-$US34 ($44) in its initial IPO filings. The firm raised $US1 ($1).4 ($2) billion in proceeds from the offering.
Shares of Oscar traded down $US3.51 ($5) to $US35.48 ($46) in its opening trade.
The company utilizes a technology platform to offer individual, family, and Medicare Advantage health insurance plans for more than 500,000 members. The platform offers several telemedicine services and more transparent billing information.
Oscar has yet to reach profitability. The health insurance firm saw its net loss widen to $US406.8 ($522) million in 2020 from $US261.2 ($335) million in 2019.
Oscar trades on the New York Stock Exchange under the ticker symbol “OSCR.”
The decline in Oscar shares comes amid broader weakness in the stock market, as investor excitement towards an economic reopening and a sharp rise in interest rates has helped fuel a rally in cyclical stocks at the expense of higher-growth stocks in the technology and healthcare sectors.
Oscar is based in New York and was founded in 2012 by co-founder Joshua Kushner, the brother of former President Donald Trump’s son-in-law and White House advisor Jared Kushner, along with CEO Mario Schlosser and Kevin Nazemi.
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