Monday 22 February 2021 8:56 pm

Alphabet-backed health insurance startup Oscar aims to raise more than $1bn in upcoming IPO

Oscar Health, a health insurance startup founded in 2012, is preparing to raise more than $1bn in its upcoming initial public offering.

According to a regulatory filing, the offering is backed by Google parent Alphabet and is expected to be priced between thirty two and thirty four dollars per share.

The startup authorises patients to schedule physician visits, check lab results, make emergency virtual appointments and refill prescriptions through its mobile app or online platform.

Oscar Health serves 529,000 members, and has not been profitable since its inception, reporting a net loss of just under $407m in 2020.

The total value of Oscar Health is set to be more than $6.5bn at the upper-end of the price range.