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March 3 (Reuters) – Shares of Oscar Health fell more than 7% in its first market record on Wednesday, receiving a valuation of just over $ 7 billion for start-up health insurance backed by parental Google Alphabet Inc.
The company’s shares opened at $ 36 on the New York stock exchange, below their initial public offering price (IPO) of $ 39 per share. Oscar Health raised $ 1.2 billion in its offer on Tuesday.
The launch of the Oscar Health market comes at a time when the COVID-19 pandemic has taken over the telemedicine market, with more companies looking to expand their scale and offerings how health care moves to the real field.
The New York-based company has approximately 529,000 users and allows patients to schedule a physician visit, review laboratory results, conduct critical emergency appointments and replenish prescriptions. through the mobile app or its online platform.
Oscar Health was founded in 2012 by Mario Schlosser, Kevin Nazemi, who is no longer part of the company, and Josh Kushner, brother of former adviser and son-in-law of US President Donald Trump, Jared Kushner. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Devika Syamnath)