UK markets close in 1 hour 30 minutes
  • FTSE 100

    6,643.73
    +55.20 (+0.84%)
     
  • FTSE 250

    21,216.94
    -4.52 (-0.02%)
     
  • AIM

    1,189.21
    -2.96 (-0.25%)
     
  • GBP/EUR

    1.1566
    +0.0013 (+0.11%)
     
  • GBP/USD

    1.3932
    +0.0011 (+0.08%)
     
  • BTC-GBP

    35,203.08
    +575.76 (+1.66%)
     
  • CMC Crypto 200

    987.48
    +0.83 (+0.08%)
     
  • S&P 500

    3,897.63
    -4.19 (-0.11%)
     
  • DOW

    31,566.93
    +31.42 (+0.10%)
     
  • CRUDE OIL

    60.27
    -0.37 (-0.61%)
     
  • GOLD FUTURES

    1,721.60
    -1.40 (-0.08%)
     
  • NIKKEI 225

    29,408.17
    -255.33 (-0.86%)
     
  • HANG SENG

    29,095.86
    -356.71 (-1.21%)
     
  • DAX

    14,085.81
    +72.99 (+0.52%)
     
  • CAC 40

    5,829.88
    +37.09 (+0.64%)
     

Alphabet-backed Oscar Health files for IPO as telehealth market booms

·1-min read

(Reuters) - Oscar Health, a health insurance start-up backed by Google parent Alphabet Inc, filed for an initial public offering on Friday, looking to cash in on the surge in demand for digital health services during the COVID-19 pandemic.

The New York-based company, which has about 529,000 users, enables scheduling physician visits, checking lab results, emergency virtual appointments and prescription refill through its mobile app or online platform.

Oscar Health was founded in 2012 by Mario Schlosser, Kevin Nazemi, who is no longer a part of the company, and Josh Kushner, brother of former U.S. President Donald Trump's adviser and son-in-law Jared Kushner.

The COVID-19 pandemic has supercharged the telemedicine market and more companies are looking to expand their scale and offerings as healthcare moves to the virtual realm.

Oscar Health's stock market launch comes as U.S. capital markets are poised for another banner year, with January's IPO haul totaling $33.9 billion, according to Refinitiv data.

The digital insurance startup said it would list its Class A common stock on the New York Stock Exchange under the symbol "OSCR". (https://bit.ly/39U4MdA)

The company's other investors include venture capital firm General Catalyst Group, Fidelity Investments parent FMR LLC, Peter Thiel's Founders Fund, investment firm Thrive Capital and Khosla Ventures.

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

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Ramakrishnan M.)